Dentons acted for Joint Lead Managers on Sobha Realty's debut US$300 million trust certificate issuance
The proceeds will be used by PNC Investments to settle existing financings and general corporate purposes
Dentons has advised Standard Chartered Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreqbank, and Sharjah Islamic Bank as Joint Lead Managers on the successful debut issuance of US$300 million trust certificates (due 2028) by Sobha Sukuk Limited, a special purpose vehicle (SPV) issuer incorporated in the Cayman Islands.
Settled recently, the transaction represents the inaugural international capital markets issuance by Dubai-based real estate developer, Sobha Realty. The parent company of Sobha Realty, PNC Investments LLC was obligor on the transaction.
The trust certificates were assigned a rating of Ba3 by Moody's Deutschland GmbH and a rating of BB- by S&P Global Ratings Europe Limited. The transaction is dual listed on the International Securities Market of the London Stock Exchange and on Nasdaq Dubai.
The certificates were offered to sophisticated investors outside the US in reliance upon Regulation S under the US Securities Act of 1933.
Alex Roussos, the Dubai debt capital markets partner at Dentons stated, "We are thrilled to support the Joint Lead Managers and Sobha Realty on the inaugural Sukuk issuance. This was a highly significant transaction for the company, and we are delighted to help bring the transaction to market. The market continues to be supportive of issuers from the local and regional real estate sectors. We hope this will remain the case in the foreseeable future."
The Dentons team in Dubai was led by partner Alex Roussos. He was assisted by senior associate Brian O'Leary and senior legal consultant Katie Phillips.