Clifford Chance advises DP World Limited on the establishment of its Global MTN programme, debut issuance of notes and a simultaneous sukuk issuance

The notes were issued by DP World and the sukuk were issued by DP World Sukuk Limited, a special purpose vehicle incorporated in the Cayman Islands. The programme, the notes and the sukuk are dual listed on the Dubai International Financial Exchange and London Stock Exchange. Both the notes and the sukuk were simultaneously offered outside of the United States pursuant to Regulation S and to qualified institutional buyers inside the United States in reliance upon Rule 144A.

The notes issued under the programme comprise the largest long dated bond to be issued in the Middle East region to date. Likewise, the sukuk was the largest rated non - convertible sukuk issuance to date and attracted demand globally, including from the United States, where it provided the first opportunity for U.S. investors to subscribe for a UAE corporate rated sukuk. The sukuk was also the second ever sukuk offered into the United States in reliance on Rule 144A.

DP World is one of the largest container terminal operators in the world by capacity and throughput. It is a wholly-owned subsidiary of Dubai World, a holding company of the Government of Dubai.

Under the MTN programme, DP World issued US$1.75 billion of 6.85 per cent. Notes with a 30 year maturity. The US$1.5 billion sukuk issuance has a 10 year maturity and will pay periodic distribution amounts calculated on the basis of 6.25 per cent. per annum.

Dubai - based partner Debashis Dey, Head of Capital Markets and Structured Finance (Middle East) comments: "The transaction represents a number of firsts, including the ability of a company to tap both the bond markets and the Shari'a compliant investor base simultaneously. We were delighted that the dual issuance came off so successfully."

London - based U.S. partner Michael Dakin comments: "We are pleased to continue to work with DP World and it has been a terrific experience to advise the company on these ground breaking securities issuances. DP World is an energetic, innovative and world-class company that is at the forefront of their industry, which attributes, when combined with Clifford Chance's breadth and depth of knowledge and experience in global capital markets, have resulted in a pair of remarkable transactions."

Barclays Capital, Citi, Deutsche Bank and Lehman Brothers were the Joint Lead Managers for the notes issuance. Barclays Capital, Citi, Deutsche Bank and Dubai Islamic Bank were the Joint Lead Managers for the sukuk issuance.

The cross - practice Clifford Chance team comprised Debashis Dey, Ferzana Haq and Amar Meher in Dubai and Michael Dakin, John Duncanson, Joanne Pacewicz and Mark Bell in London.

The Dubai office of Maples and Calder acted for DP World Sukuk Limited. Linklaters acted for the Joint Lead Managers for both issuances.