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Saturday, November 28 - 2009

Clifford Chance advises on Aldar Properties PJSC's $1,250,000,000, 8.75% guaranteed notes

  • United Arab Emirates: Thursday, May 28 - 2009 at 11:30
  • PRESS RELEASE

Clifford Chance has advised Barclays Bank PLC, Goldman Sachs International, National Bank of Abu Dhabi PJSC and Abu Dhabi Commercial Bank PJSC in relation to the issuance of Notes issued by Atlantic Finance Limited (a Jersey SPV) and unconditionally and irrevocably guaranteed by Aldar.

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The Notes were issued (i) outside the United States in reliance on Regulation S and (ii) within the United States in reliance on Rule 144A of the Securities Act. The Notes were admitted to trading on the London Stock Exchange. This issuance will enable Aldar to fund its corporate activities and projects.

Barclays, Goldman Sachs and National Bank of Abu Dhabi were the Joint Lead Managers and Joint Bookrunners with the Abu Dhabi Commercial Bank also acting as Joint Lead Manager.

Christopher Walsh, Partner at Clifford Chance commented:
"Aldar is playing a vital role in the development and implementation of Abu Dhabi's growth strategy and the implementation of the Government's 2030 plan. The success of the latest bond issue from Aldar is another clear sign of the recovery of the capital markets both globally and within the United Arab Emirates. Clifford Chance was delighted to have been able to assist the Joint Lead Managers of Barclays Capital, Goldman Sachs International, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank in their role of advising Aldar in this transaction."


Clifford Chance's offices in the UAE, London and New York worked together on this transaction. The UAE team was led by Christopher Walsh (Partner), Ursula Gil (Senior Associate), Alex Roussos (Associate) and Miranda Harrison (Associate). The London team consisted of Bob Trefney (Partner), Terrence Maloney (Senior Associate), Alex Kremer (Associate) and Carolina Perez (Associate), Avrohom Gelber (of Counsel) in New York. The GSCC unit in Delhi provided support and assistance with the due diligence work.
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Capital Markets:
The capital markets practice comprises over 422 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres.

The combination of local knowledge with an international perspective enables us to provide practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.

Consistently ranked as the 'best legal practice for securitisation' by key commentators, the Clifford Chance International Securitisation Group is at the forefront of the securitisation markets across the world. The Group advises most of the leading market participants and provides an in-depth knowledge of complex issues relating to the securitisation of a broad spectrum of assets.

Our clients include issuers, originators, arrangers, managers, investors and other finance providers, trustees, rating agencies, monoline insurers and swap counterparties from a variety of industries including energy, transport, infrastructure projects, and real estate.

Clifford Chance is one of the world's leading law firms, helping clients achieve their goals by combining the highest global standards with local expertise. The firm has unrivalled scale and depth of legal resources across the four key markets of the Americas, Asia, Europe and the Middle East, and focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax; pensions and employment; litigation and dispute resolution. Clifford Chance has 30 offices in 21 countries with 3,800 legal advisers and also operates a 'best friends' arrangement with AZB & Partners in India and a co-operation agreement with Al-Jadaan & Partners Law Firm in Saudi Arabia.

Clifford Chance was named 'Most Innovative Law Firm' in the 2008 Financial Times Innovative Lawyers Awards, an in-depth Europe-wide analysis of innovation in law firms in areas from legal expertise to client service, marketing, environment and technology.

For further information about this release contact Melanie Carruthers on +971 4 362 0623

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