| 02 Jul 2009 |
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Clifford Chance advises on the establishment of Tourism Development & Investment Company P.J.S.C.'s Global Medium Term Note Programme and inaugural issuance
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Clifford ChanceClifford Chance
has advised Tourism Development & Investment Company P.J.S.C. ("TDIC")Tourism Development & Investment Company P.J.S.C. ("TDIC") in relation to its Global Medium Term Note Programme, which was established on 24th June 2009. The inaugural issuance of Notes took place on 2nd July 2009 by way of a 5-year Note with an aggregate principal amount of USD1,000,000,000. The Notes were admitted to trading on the London Stock Exchange. The programme will enable TDICTDIC to raise finance in the international capital markets in order to fund its general corporate activities.BNP Paribas, Citigroup Global Markets Limited, HSBC Bank plc and Standard Chartered Bank were the Arrangers of the programme. The same banks, together with Abu Dhabi Commercial Bank P.J.S.C. and National Bank of Abu Dhabi P.J.S.C., are the dealers for the programme.
Debashis Dey, Partner and Head of Capital Markets Middle East at Clifford ChanceClifford Chance commented: "TDICTDIC is playing a vital role in furthering the development of the Emirate of Abu Dhabi as an international culture destination by developing world-class, tourism projects. The success of the company's debut bond issue is a testament to TDICTDIC's goals and the Emirate of Abu Dhabi's ambitious development plans. Clifford ChanceClifford Chance was delighted to have played a part in this success."
Clifford ChanceClifford Chance's offices in the U.A.E. worked together on this transaction. The U.A.E. team was led by Debashis Dey (Partner and Head of Capital Markets Middle East), Stuart Ure (Senior Associate), Catherine Wilson (Associate) and Rashmi Desai (Trainee). The U.S. team based in the U.A.E. was led by Michael Dakin (Partner) and Jonathan Manders (Associate). The GSSC unit in Delhi provided support and assistance with due diligence work. The Arrangers and Dealers were represented by Linklaters' Dubai office. The Dubai office of Maples & Calder represented the newly established Cayman Islands issuer and subsidiary of TDICTDIC.
Capital Markets: The capital markets practice comprises over 422 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres.
The combination of local knowledge with an international perspective enables us to provide practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.
The Middle East Capital Markets practice has been ranked Band 1 by Chambers Global 2009 and Tier 1 by IFLR1000 and Legal 500 in its 2009 rankings. Chambers commented, "innovative products on the debt and equity front distinguish this firm, as does its tremendous global reputation." IFLR 1000 commented, "Clifford ChanceClifford Chance
's Middle East capital markets team is universally praised for its quality, breadth and length of service..."Clifford ChanceClifford Chance is one of the world's leading law firms, helping clients achieve their goals by combining the highest global standards with local expertise. The firm has unrivalled scale and depth of legal resources across the four key markets of the Americas, Asia, Europe and the Middle East, and focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax; pensions and employment; litigation and dispute resolution. Clifford ChanceClifford Chance has 30 offices in 21 countries with 3,800 legal advisers and also operates a 'best friends' arrangement with AZB & Partners in India and a co-operation agreement with Al-Jadaan & Partners Law Firm in Saudi Arabia.
Clifford ChanceClifford Chance was ranked 'tier one' in more international tables than any other firm in the Chambers Global 2009 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the Firm's breadth of expertise and consistency of quality across global markets.
Clifford ChanceClifford Chance was named 'Most Innovative Law Firm' in the 2008 Financial Times Innovative Lawyers Awards, an in-depth Europe-wide analysis of innovation in law firms in areas from legal expertise to client service, marketing, environment and technology.
For further information about Clifford ChanceClifford Chance see www.cliffordchance.com
For further information about this release contact Melanie Carruthers on +971 4 362 0623.
© Press Release 2009
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