Legal DealFolio - ECGD Guaranteed Sukuk for Emirates A380-800 Purchases

Clifford Chance advised the Joint Structuring Agents, the Joint Lead Managers and the Delegate on the issuance in the principal amount of USD913,026,000 with a tenor of 10 years of the world's first sukuk financing supported by ECGD and the largest ever capital markets offering in the aviation space with an Export Credit Agency guarantee. The transaction also represented the first time that a sukuk has been used to pre-fund the acquisition of aircraft. The sukuk due 2025 was issued by Khadrawy Limited and with the benefit of a guarantee by Her Britannic Majesty's Secretary of State acting by the Export Credits Guarantee Department of the UK Government (currently operating as UK Export Finance) (ECGD or UKEF). The proceeds from the issuance of the sukuk were used to fund the acquisition of four Airbus A380-800 aircraft operated by Emirates Airlines. The team advising the Joint Structuring Agents and Joint Lead Managers included partners Qudeer Latif, John Connolly, William Glaister and Chris Davies.

Deal Date:	02-04-2015	Practice Area:	International Finance and Bank Credit
Deal Title:	ECGD Guaranteed Sukuk for Emirates A380-800 Purchases	Industry:	Aerospace & Defence
Description:	Clifford Chance advised the Joint Structuring Agents, the Joint Lead Managers and the Delegate on the issuance in the principal amount of USD913,026,000 with a tenor of 10 years of the world's first sukuk financing supported by ECGD and the largest ever capital markets offering in the aviation space with an Export Credit Agency guarantee. The transaction also represented the first time that a sukuk has been used to pre-fund the acquisition of aircraft. The sukuk due 2025 was issued by Khadrawy Limited and with the benefit of a guarantee by Her Britannic Majesty's Secretary of State acting by the Export Credits Guarantee Department of the UK Government (currently operating as UK Export Finance) (ECGD or UKEF). The proceeds from the issuance of the sukuk were used to fund the acquisition of four Airbus A380-800 aircraft operated by Emirates Airlines. The team advising the Joint Structuring Agents and Joint Lead Managers included partners Qudeer Latif, John Connolly, William Glaister and Chris Davies.
Financial Center:	Dubai	Value:	500.01-1000.00
Advised Party:	Lessor/Lender	Law Firm	Clifford Chance
Leased Asset Jurisdiction	UAE	Lessee Jurisdiction	UAE
Classification:	Asset Finance and Leasing Aircraft	Lawyer	Qudeer Latif

Practice Areas -

International Finance and Bank Credit Law Firms and Lawyers

Practice Areas - International Finance and Bank Credit Law Firms and Lawyers