Corporate Finance Deal of the Year
Transaction Snapshot
- One of the Longest Tenors Achieved for General Corporate Purposes:
- ENOC secured a 9-year tenor for its US$1.5 billion dual tranche dual currency loan which was funded in both dirhams and US dollars.
- Led by Strong Lead Bank Group:
- The initial mandated lead arrangers include ADIB, CBD, DIB, Emirates NBD, Mashreq, Noor, and Standard Chartered.
- Successful Syndication Strategy:
- Resulting in an additional 14 regional and local banks which participated in the transaction.
- Optimize Distribution Reach with Conventional and Islamic Structures:
- Two-and-a-half year grace period followed by six-and-a-half year quarterly amortization and a 20% balloon.
- Landmark Transaction for ENOC and for Dubai:
- This deal truly vindicated the strength of Dubai-based GREs to raise long-term financing at optimal terms.
- Strategic Facility:
- The Facility will support ENOC in financing its expansion plans, both organic and inorganic, and provide the energy firm with a long-term funding arrangement.
- Strong Bank Syndication:
- The syndicated loan facility was well supported by 21 international, regional and local banks. This dual tranche and dual currency financing received tremendous success in the syndication market.
Transaction Overview
Borrower |
|
Deal Size |
US$1.5 billion |
Maturity |
9 years with 20% balloon |
Currency |
US$ & AED |
Purpose |
General Corporate Purposes |
Signing Date |
June 2015 |
ADIB Roles |
Mandated Lead Arranger & Joint Bookrunner |
MLA, Bookrunner & Underwriters |
ADIB, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD, Mashreq, Noor Bank & Standard Chartered Bank |
Legal Counsel to Financiers |
|
Legal Counsel to ENOC |