Dentons Advised Bank Of Sharjah On Successful US$500 Million Notes Issuance

Dentons Advised Bank Of Sharjah On Successful US$500 Million Notes Issuance

Dentons has advised Bank of Sharjah on its issuance of US$500 million notes due in 2029, completing the transaction on September 12, 2024. The issuance attracted significant interest, receiving orders totaling US$1.4 billion, resulting in nearly three times oversubscription. Dentons also provided guidance on the related update of Bank of Sharjah’s US$2.5 billion Euro Medium Term Note Programme on July 24, 2024.

This issuance, rated BBB+ by Fitch, is listed on the London Stock Exchange’s International Securities Market and was offered to sophisticated investors outside the U.S. in reliance on Regulation S under the U.S. Securities Act of 1933.

In addition, Dentons advised Bank of Sharjah on its tender offer for US$600 million Notes due in 2024, which garnered valid tenders for purchase amounting to US$280.5 million and was successfully completed on September 12, 2024.

The Dentons team in Dubai was led by Partner Alex Roussos, with support from Senior Legal Consultant Katie Phillips, Senior Associate James Osun-Sanmi, and Associate Ben Suthers.

Debt Capital Markets Partner Alex Roussos, commented, “We are proud to have supported the bank on its recent foray into the markets and the successful proactive management of its existing liabilities. We are continuing to witness healthy demand for regional financial institution paper, which we expect will persist in the prospective lower interest environment. This trend is partly due to our banks’ strong track record in accessing the bond markets and a robust investor relations ethos.”