The Sukuk offering is a landmark transaction as it is the first sukuk issuance by a public utility provider in Dubai and forms the second strategic method of funding in the capital markets for DEWA (following on from their securitisation programme).
The Sukuk issuance has a 5 year maturity and will pay periodic distribution amounts calculated on the basis of 1.25% per annum above EIBOR.
Partner Debashis Dey, Head of Capital Markets and Structured Finance (Middle East) comments:
"The transaction represented a milestone in DEWA's funding strategy and we are delighted to have represented an entity which provides such a vital public service and is one of the cornerstones of Dubai's growth."
Barclays Capital, Citi, Dubai Islamic Bank and Emirates Bank International were the Joint Lead Managers for the transaction.
The Clifford Chance team comprised Debashis Dey, Ferzana Haq and Lee Irvine.
The Dubai office of Maples and Calder acted for DEWA Funding Limited. Allen & Overy acted for the Joint Lead Managers.
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Posted by Anne-Birte Stensgaard, Senior News Editor
