Global law firm White & Case LLP has advised Abu Dhabi Islamic Bank (ADIB), as sole bookrunner and initial mandated lead arranger, and a group of other lenders on a US$420 million Islamic financing provided to Zakher Marine International Inc.. The financing, which was two times oversubscribed, also included Abu Dhabi Commercial Bank, Al-Hilal Bank, MashreqBank, Ajman Bank, Arab Bank, National Bank of Fujairah and Noor Bank.
“We were pleased to support ADIB on the successful completion of this complex leveraged Islamic financing,” said United Arab Emirates-based White & Case partner Shibeer Ahmed, who led the Firm’s legal team. “It adds to our excellent track record of advising on complex Islamic financings and showcases our extensive experience of structuring, developing, documenting and negotiating deals of this nature.”
The facility arranged by ADIB, the global Islamic financial services group, will fund Zakher Marine’s new shipbuilding programme that includes 15 vessels and three self-elevating accommodation barges. Zakher Marine provides services to the offshore oil and gas industries and to offshore marine construction companies, and currently operates more than 35 offshore support vessels. The White & Case team in the UAE which advised on this transaction was led by partner Shibeer Ahmed and included associates Sherief Rashed and Sara Al Awadhi.
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