Dentons Advised Joint Lead Managers on Binghatti Holding's Debut Issue of US$300 Million Islamic Finance

Dentons Advised Joint Lead Managers on Binghatti Holding's Debut Issue of US$300 Million Islamic Finance

Fitch, the international credit rating agency based in New York City and London gave it a B+ rating

Dentons has advised international and regional joint lead managers on Binghatti Holding Ltd's issuance of US$300 million trust certificates due in 2027. These were issued by Binghatti Sukuk SPC Ltd, a special-purpose vehicle issuer incorporated in the Dubai International Financial Centre.

The issuance was admitted to trading on the International Securities Market of the London Stock Exchange and Dubai’s Nasdaq.

It was offered to prominent investors, outside the US, in reliance on Regulation S under the US Securities Act, 1933. The issuance marked Binghatti's debut foray into the international debt capital markets and was also the first real estate sukuk issuance this year from the MENA region.

Alex Roussos, the debt capital markets partner, based in Dentons' Dubai office, stated "We are delighted to have supported the joint lead managers and Binghatti Holding on this milestone transaction in the company's history. The United Arab Emirates’ real estate sector issuers continue to successfully access international capital markets, which is a testament to the strength and depth of the markets and of this specific industry.”

He added, “We are also witnessing the continuous evolution of principles and drafting techniques associated with the Shariah structures we are putting in place for these transactions, particularly Ijara structures, which require close engagement and collaboration with the Shariah teams and scholars.”

The Dentons team was led by partner Alex Roussos. He was assisted by senior legal consultant Katie Phillips, senior associates Sana Siddiqui and Brian O'Leary, and paralegals Joseph Hunt and Jasim Alzaabi.