Dentons, one of the world's largest law firms, said it had played a key role in helping Damac, a major UAE-based luxury project developer, on its tender offer in respect of the outstanding $650 million trust certificates, due 2019.

Also it had advised the Emirati developer on its simultaneous new debt issuance of a $500 million five-year regulation 'S' senior unsecured sukuk, maturing in April 2022, which completed on 20 April 2017.

According to Dentons, the new sukuk was issued via a Cayman Islands special purpose vehicle, Alpha Star Holding III Limited.

Bank of America Merrill Lynch and HSBC acted as joint global co-ordinators and Emirates NBD Capital and VTB Capital acted as joint lead managers, with Mashreqbank acting as co-lead manager, in respect of the new issue.

Bank of America Merrill Lynch, HSBC and Emirates NBD Capital acted as dealer managers in respect of the tender offer.

Dentons Capital Markets partner Alex Roussos said: "We are proud to have advised Damac on yet another landmark transaction and to continue our journey with them in their exploits in the capital markets."

"We are increasingly seeing clients interested in proactively managing their upcoming maturities and looking to take advantage of favourable market conditions against a backdrop of potential future interest rate hikes," reamraked Roussos.

The Dentons team was led by Roussos, with able backing from senior associate Carina Onzer and associate Sana Siddiqui.-TradeArabia News Service