UAE - Dentons, one of the world's largest law firms, said it has played a major advisory role in helping Sharjah developer Arada on their second tap issuance of $50 million sukuk (to be consolidated and form a single series with the existing $350 million sukuk due 2027 issued in June last year and $100 million sukuk due 2027 issued on October 27, 2022 by Arada Sukuk Limited).

The issuance was listed on the London Stock Exchange’s International Securities Market, and was offered to sophisticated investors outside America relying on Regulation S under US Securities Act 1933.

The transaction was successfully completed last month with Mashreq's Islamic Banking division acting as sole manager of the issuance.

Highlighting its key role in the sukuk deal, Dentons said it had also advised Arada on the first tap issuance of $100 million sukuk (issued in October last year) which is due in 2027.

Arada was assigned long credit term ratings of B1 (stable outlook) by Moody's and B+ (stable outlook) by Fitch.

Dentons said its team in Dubai led by partner Alex Roussos, was involved in the transaction. He was ably assisted by senior legal consultant Katie Phillips, senior associate James Osun Sanmi and trainee Hamad Yasin.

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