Hogan Lovells recently advised Mashreqbank and the banks as the Syndication Legal Counsel, on an AED793m 10 year ijara re-financing for Emirates District Cooling LLC (Emicool).
Mashreqbank psc, (acting through its Islamic Banking Division, Mashreq Al Islami) acted as coordinating bank, investment agent, security agent and account bank for an on behalf of the other finance parties and as participating bank. The other participating banks involved were Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, Emirates NBD, Standard Chartered Bank and Union National Bank. The transaction was secured by corporate guarantees from Dubai Investments PJSC and Union Properties PJSC, each of which guaranteed Emicool’s payment obligations under the transaction documents in equal proportion.
The deal which signed on 18 October 2012, was negotiated with the same seven banks that made available the original musharaka-istisna Facility in 2008 which matured in May 2011.
Hogan Lovells’ team was led by Dubai-based Banking & Finance Partner, Rustum Shah supported by Dubai based associates Victoria Mesquita and Faraz Naqvi. Emicool were advised by Clifford Chance.
Commenting on the transaction, Rustum Shah said:
“We are delighted to have advised on this successful Ijara re-financing, which is one of very few in the current market. It has allowed us to demonstrate the strength of our Middle East banking & finance team in complex Islamic restructurings.”
