22 June 2015
Clifford Chance advises ENOC on its US$1.5 billion syndicated loan facility
International law firm Clifford Chance advised Emirates National Oil Company (ENOC) on a US$1.5 billion syndicated loan facility.
ENOC secured the US$1.5 billion term debt syndicated facility from local, regional and international banks. This nine-year US$ and AED financing was fully underwritten by Emirates NBD, Commercial Bank of Dubai, Dubai Islamic Bank, Mashreqbank, Noor Bank, Abu Dhabi Islamic Bank and Standard Chartered Bank. In the syndicated market, the deal was well supported and oversubscribed with an additional 14 local and regional banks have participated in the transaction.
This long-term general corporate facility is arranged at competitive and flexible terms that supports ENOC’s expansion strategy and safeguards access to long term sustainable funding.
Commenting on the deal, Lead Partner, Dubai-based Peter Avery said: "Our focus was helping ENOC to secure the best terms that are aligned with its vision and strategy. This landmark financing supports ENOC's growth strategy. It was a great opportunity for Clifford Chance to once again demonstrate our strong and efficient approach to deal execution in the UAE."
The Clifford Chance Middle East team continues to advise on some of the region's most prominent deals including advising Dubai World in its successful negotiations with 130 lenders for the extension of more than US$10 billion of debt facilities, an AED10 billion restructuring for Amlak, a US$3 billion facility for DP World and on Saudi Aramco's US$10 billion revolving facility.
The Clifford Chance team was led Peter Avery (Partner, Dubai) with support from Mark Valenzia (Senior Associate, Dubai) and Lilly Alamir (Associate, Dubai).
In 2015, Clifford Chance celebrates 40 years of operations in the Middle East since opening its first office in Sharjah in 1975. Over the past four decades the Firm has expanded from a single office to having a strong presence in Abu Dhabi, Dubai, Doha and Riyadh with more than 120 permanently based lawyers in the region who are fully integrated into the Firm’s international network of 35 offices in 25 countries.