Press Release
| November 16, 2010
Dewey & LeBoeuf Completes String of Middle East Sovereign Bond and Corporate Finance Transactions
(London - November 16, 2010) – Dewey & LeBoeuf has advised on a series of high value, high profile transactions which have completed over the past week, highlighting the preeminent position of the firm's corporate finance practice and its leading experience in the MENA region.
The firm acted as counsel to the Hashemite Kingdom of Jordan on its issuance of U.S.$750 million 3.875% Notes due 2015, listed on the London Stock Exchange. The transaction, which was completed on 12 November 2010, constituted Jordan’s debut issue of Eurobonds. The joint bookrunners were Credit Suisse, HSBC and JPMorgan, and Arab Bank served as a joint lead manager.
Dewey & LeBoeuf also advised Credit Suisse and Bank of Beirut as joint lead managers on the Republic of Lebanon's issuance on the same date of U.S.$500 million 5.15% Notes due 2018 and U.S.$225 million 6.10% Notes due 2022.
The firm also acted as counsel to leading Lebanese bank, Credit Libanais, on its issuance of U.S.$75 million 6.75% Subordinated Bonds due January 2018, which was completed on 11 November 2010.
On 8 November 2010, leading investment bank, EFG-Hermes Holding Company SAE completed the acquisition of a 65% interest in Credit Libanais, for a purchase price of U.S.$542 million and entered into an option to acquire a further 25% at the same price per share, for a total transaction value of approximately U.S.$750 million. This is believed to constitute the single largest foreign investment into Lebanon. Dewey & LeBoeuf represented EFG-Hermes Holding in the transaction.
In addition to the Eurobond transactions described above, during 2010, Dewey & LeBoeuf also advised on sovereign bond issues for Lebanon (U.S.$1.2 billion 6.375% Notes due 2020 issued on 9 March 2020), Egypt (U.S.$1 billion 5.75% Notes due 2020 and U.S.$5 billion 6.875% Notes due 2040 issued on 29 April 2010), and Morocco (€1 billion 4.50% Notes due 2020 issued on 5 October 2010), marking the continuation of Dewey & LeBoeuf's impressive track record of advising on sovereign bond issues.
Camille Abousleiman led the teams advising on these transactions, which also included associates Patrick Lyons, Andrew Tingle, Louis Abou-Charaf, Nicholas Quarrie and Jennifer Buckett.
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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