Dubai 26 May 2015 -

Clyde & Co has advised National Bank of Fujairah (NBF), in its capacity as global agent, on an AED 750 million syndicated loan for Pacific Control Systems. NBF Capital Ltd, a subsidiary of NBF acted as the financial advisor for this transaction. Pacific Control Systems will use the loan to finance its expansion and working capital requirements.

The transaction, a combination of Islamic and conventional financing structures, was oversubscribed by 33 per cent, receiving total commitments of AED 1 billion before being scaled back. It was underwritten by NBF and Al Khalij Commercial Bank QSC. Both banks also served as mandated lead arrangers, with NBF also acting as global facility agent for the transaction.

The other participating banks were Al Khaliji France SA, Dubai Islamic Bank, United Arab Bank, National Bank of Oman, Ajman Bank and Sharjah Islamic Bank. Dubai Islamic Bank also acted as the investment agent for the Islamic facility.

Clyde & Co's team was led by partners Adrian Low and Adil Hussain with assistance from Kristen Angus and Marcus George.

Banking & finance partner Adrian Low commented: "We are pleased to have played a role in this significant transaction, which demonstrates both the appetite for this kind of innovative structuring, and the ability of Clyde & Co's banking and finance team in providing timely and effective advice, to ensure a successful closure."

Global head of Islamic finance, Adil Hussain said: "As Clyde & Co's Islamic finance practice continues to expand, we expect to act on many more of these joint financing deals. We are delighted to have assisted the lenders and Pacific Controls Systems on this successful transaction."

Clyde & Co's Islamic finance practice was bolstered with the addition of Adil Hussain in 2014. The team spans key jurisdictions and numerous sectors and is at the forefront of structuring, documenting, and negotiating complex, mainstream and innovative transactions compliant with Shariah principles.

Pacific Control Systems is a leading provider of information communication technologies globally.

-Ends-

For further information please contact:
Julia O'Sullivan, Marketing and Communications Manager
julia.osullivan@clydeco.com
+971 4 384 4875

1. Clyde & Co, currently celebrating 25 years in the MENA region, has 5 regional offices operating as a single unit: Abu Dhabi and Dubai in the UAE; Doha in Qatar; Riyadh in Saudi Arabia; and Tripoli in Libya. The firm formalised its presence in the Middle East in 1989, after many years of client activity, and today has over 300 staff and 170 specialist lawyers in the region.

2. Internationally, with more than 2,700 staff operating across six continents, Clyde & Co is a major international law firm with a distinctive focus on core sectors of infrastructure, international trade, natural resources, transportation and insurance. The firm has a strong reputation for complex and high profile international dispute resolution and for its work in and with fast-moving and volatile emerging markets.

3. With over 1,500 lawyers operating from 40 offices and associated offices in six continents, the firm advises corporates, financial institutions, private individuals, and governments. The firm has a particularly strong reputation for its work on complex cross-jurisdictional disputes and transactional matters.

© Press Release 2015