Milbank Lawyers John Dewar, Munib Hussain and Bader Thabti Discuss Landmark $1.5 Billion Sukuk Issuance with Islamic Finance News

Milbank LLP Global Project, Energy & Infrastructure Finance partners John Dewar and Munib Hussain, with associate Bader Thabti, discuss the firm’s recent structuring and implementation of a first-of-its-kind project sukuk issuance in an Islamic Finance News Special Report. Sukuk are financial products whose terms and structures comply with Shariah.

In February 2023, Milbank advised the managers on the landmark $1.5 billion project sukuk issuance by TMS Issuer S.à r.l for the refinancing of bridge facility entered into in connection with GreenSaif Pipelines BidCo S.à r.l acquisition of a minority stake in Aramco Gas Pipelines Company, a subsidiary of Saudi Arabian Oil Company.

“The GreenSaif Sukuk facility establishes the start of a new chapter in Islamic finance, particularly in the Sukuk sector,” notes Islamic Finance News. “This new structure, as demonstrated by the successful GreenSaif Sukuk issuance, highlights the considerable investor appetite for high-quality Sukuk issuances with reliable underlying cash flows. The GreenSaif Sukuk issuance represents a new financing solution for energy and infrastructure developers seeking to raise a combination of Islamic and conventional facilities.”

Read “GreenSaif Sukuk Issuance Based on Shares.”

This article was first published in IFN Volume 20 Issue 13 dated the March 29, 2023.