Clifford Chance has advised Emirates District Cooling LLC (Emicool) on its AED793 million ($216 million) 10-year Ijara refinancing.
The deal, signed on Oct. 18, was negotiated with seven banks – Mashreqbank, Commercial Bank of Dubai, Dubai Islamic Bank, the Emirates Islamic Bank, Emirates NBD, Standard Chartered Bank and Union National Bank.
Hogan Lovells, led by Dubai-based banking and finance partner Rustum Shah, was counsel to the banks. Mashreqbank acted as coordinating bank, investment agent, security agent and account bank on behalf of the other finance parties.
The transaction was secured and guaranteed by corporate guarantees from Dubai Investments PJSC and Union Properties PJSC.
“We are delighted to have advised on this successful Ijara re-financing, which is one of very few in the current market,” said Shah, in a statement.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_TheBrief.
Other related stories are:
