Dentons has advised Bank of Sharjah on its tender offer in respect of its outstanding US$500 million Notes and a new debt issuance of US$600 million Notes under its US$1.5 billion Medium Term Note (MTN) Programme, which completed on 19 September 2019 and 18 September 2019 respectively.
The amount of existing securities tendered and redeemed was US$306.8 million. Dentons had also previously advised Bank of Sharjah on the update of its EMTN programme in July 2019.
This is the latest in a string of liability management exercises which Dentons has advised on, which is indicative of the current trend in the market where issuers are trying to take advantage of favourable pricing dynamics.
Arab Banking Corporation, Emirates NBD, First Abu Dhabi Bank and J.P. Morgan acted as joint lead managers in respect of the new issue and as dealer managers in respect of the tender offer.
The Dentons team was led by Alex Roussos in Dubai, with assistance from senior associate Joshua Pileggi and associate Sana Siddiqui.
© Press Release 2019