A&O advises the club lenders on a USD1.2 billion club facility in favour of ADNOC Global Trading Ltd.
10 September 2021
Allen & Overy has advised Standard Chartered Bank and the club lenders (SCB, HSBC, Societe Generale CIB, UniCredit, Deutsche Bank, SMBC and ADCB) on a USD1.2bn club facility in favour of ADNOC Global Trading Ltd.
ADNOC Global Trading (AGT) was incorporated in 2020 and is a joint venture between ADNOC, ENI and OMV, trading in refined products, supply feedstock and paper markets for third party barrels as well as derivatives. This is the debut financing which is considered the cornerstone for its ambitious business plan and the facility will support the progress and expansion of AGT.
Commenting on the transaction, Dubai banking partner Samer Eido commented: “It was a privilege to have been given the opportunity to advise the banks, and support ADNOC Global Trading, on this complex and market leading transaction. This is AGT’s debut international club deal and will no doubt set a precedent for the industry in the region. The size and the oversubscription of the financing demonstrates the strong confidence of the international markets in AGT and the UAE as a global player in the global commodities trading space.”
Partner Samer Eido led the A&O Banking team based in Dubai, Abu Dhabi and London, assisted by partner Paul Cluley, senior associates Afsha Karim and George Chrysospathis and associates Imogen Parmar, Ramone Bedi and Zaid Al Shammary.