England - London • Finance

Milbank

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Regularly forming part of a cross-disciplinary team which centres on new money and restructuring mandates in key areas of firmwide strength, including projects, energy and aviation, Milbank excels in structuring high-profile, multi-jurisdictional transactions, often involving complex inter-creditor arrangements involving conventional and Islamic finance structures. The vastly experienced John Dewar is pivotal to much of the firm's success in the area, acting for sponsors and lenders on big-ticket multi-source project finance transactions, many of which require highly bespoke structures. Alongside Munib Hussain, Dewar recently advised the underwriting banks in a first-of-kind $11.5bn Global Medium Term Note (GMTN) programme and a unique $1.5bn sukuk issuance, the proceeds of which were used to refinance the original bridge facility utilised by a BlackRock-led consortium to fund its minority interest in Aramco Gas Pipelines.

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Key clients

  • NCB Capital
  • Al Rajhi Bank
  • Alinma Bank
  • Riyad Bank
  • HSBC Saudi Arabia
  • MUFG (Malaysia)
  • National Bank of Kuwait
  • Islamic Development Bank
  • Abu Dhabi Pension Fund
  • Emirates Islamic Bank
  • ADCB

Work highlights

  • Advised the underwriting banks on a first of a kind $11.5bn GMTN Programme (including a Formosa tranche) and an innovative first of a kind $1.5bn sukuk issuance which utilised a proportion of the shares owned by GreenSaif Pipelines SARL (a Blackrock entity) in Aramco Gas Pipelines Company LLC (owned 51% by Saudi Aramco and 49% by GreenSaif Pipelines) as the assets in a wakala-murabaha sukuk issuance.
  • Advised Abu Dhabi Commercial Bank PJSC in relation to the restructuring of the NMC Healthcare Group, the largest private healthcare provider in the United Arab Emirates and previously a FTSE 100 listed group. The restructuring was structured to facilitate Islamic lenders.
  • Advised Islamic banks, Public Investment Fund of Saudi Arabia (PIF) and Japan Bank for International Cooperation as the lenders in connection with the $5.2bn financial completion of the Rabigh Phase 2 Project.

Lawyers

Leading individuals

John Dewar

John Dewar

Hall of fameMilbank

Partner, Global Project, Energy and Infrastructure Finance

Next Generation Partners

Practice head

The lawyer(s) leading their teams.

John Dewar, Munib Hussain

Other key lawyers

Bader Thabti