Browse
related articles
The Project reached commercial close and commenced construction in December 2008 and the long-term project financing for the project was closed in September 2009, notwithstanding the difficulties associated with the credit crunch and global recession in the bank lending market.
Dubai office based project finance partner Bimal Desai commented:
"The sponsors and the mandated lead arrangers are to be applauded in closing such a significant deal on a long tenor considering the difficulties facing the bank lending market at present. We are very pleased to have assisted in successful closure of this financing."
Illustrating Allen & Overy's depth of financing expertise and resources located in their Middle East offices, a separate Allen & Overy team advised Abu Dhabi Commercial Bank, First Gulf Bank and National Bank of Abu Dhabi P.J.S.C. on an Dhs390,793,454 equity bridge loan for the sponsors in relation to the project.
The Allen & Overy team that worked on the project financing was led by partners Bimal Desai and Nicholas Crossin and senior associate David Miles, with assistance from senior associates Stephen Knight and Petrea Draper, associate Khatija Sacranie and trainees Shama Naqashbandi and Hugh Robinson. Derivatives advice was provided by associate Kevin O'Sullivan with assistance from trainees Natalie Hill and Ash Chandhok.
The Allen & Overy team that worked on the equity bridge financing was made up of partner Christian Saunders and senior associate Nomita Nair. All of the Allen & Overy team were based in Allen & Overy's Dubai or Abu Dhabi offices.
Posted by Rima Ali Al Mashni
