Practice Areas - Debt Capital Markets Law Firms and Lawyers
| Deal Date: | 11-06-2014 | Practice Area: | Debt Capital Markets |
| Deal Title: | Emirates Steel Industries/Senaat - Islamic and Conventional Financing | Industry: | Industrial Metals and Mining |
| Description: |
Dentons advised Emirates Steel Industries (ESI) and Senaat on their recent USD1.3 billion refinancing. The transaction is one of the largest to have closed in the UAE this year and involves an innovative hybrid corporate/project financing structure which allowed ESI to obtain highly competitive terms. Both international and local banks participated in the financing, which contained conventional and Islamic tranches.
Emirates Steel Industries PJSC is wholly owned by General Holding Corporation PJSC (Senaat), a UAE government-owned entity. It was established to satisfy the growing demand for quality steel products for the construction sector in the country. ESI initiated a major phased expansion program in 2006 to expand its steel rolling operations in UAE to reach a capacity of 6.5 million tons over 5 years.
The Dentons team was led by Udayan Mukherjee, and included associates Carina Onzer and Jane Flournoy. Qasim Aslam, partner and Head of Islamic Finance Middle East, advised on the Islamic financing tranche.
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| Financial Center: | Dubai | Value: | 1000.01-5000.00 |
| Advised Party: | Issuer | Law Firm | Dentons |
| Issuer Jurisdiction | UAE | Listing Jurisdiction | UAE |
| Classification: |
Islamic Finance Islamic Finance Bank Loans |
Lawyer | Udayan Mukherjee |
