International law firm Trowers & Hamlins acted as lead counsel in relation to the USD155 million syndicated term facility made available to Daewoo Engineering and Construction Co., Ltd. (Daewoo E&C), one of South Korea's largest builders.
Trowers & Hamlins worked alongside Bae, Kim and Lee LLC as South Korean law counsel to advise the syndicate of lenders on all matters relating to the financing, including drafting, negotiating and finalising the finance documents with Daewoo E&C. The syndicate of lenders include leading financial institutions in the Middle East which are First Abu Dhabi Bank acting through its Singapore Branch (FAB), Emirates NBD acting through its Singapore Branch and Bank of Sharjah.
Daewoo E&C, established over 50 years ago has always been at the forefront of the South Korean construction industry with experience in heading construction projects internationally over 50 countries worldwide. Some of Daewoo E&C's leading projects include the Mumbai Trans Harbour Link, India’s longest sea bridge, and the IB Tower which is the third tallest building in Malaysia.
This financing marks a significant milestone in Daewoo E&C's ongoing efforts to diversify its financing portfolio in alignment with its business strategy. In particular, this transaction underscores the strong trust that leading MENA banks have in Daewoo E&C.
The team was led by Elias Moubarak, Partner and Head of International Banking & Finance and Nicol Ong, Partner of International Banking & Finance in the Malaysia office with support from associates, Tiffany Tan and Skylar Yeo.
Elias commented:
"We are delighted to have been able to support the arrangers and lenders to successfully conclude this USD155m syndicated financing to Daewoo E&C. This transaction illustrates the increasing economic connectivity between Asia and the Middle East, which we expect will continue to deepen over the next few years. I'm very proud of our brilliant team of lawyers in the UAE, Singapore and Malaysia who worked so hard to help ensure our client's objectives were met."
“We are delighted to have played a pivotal role in arranging this syndicated facility for Daewoo E&C. This achievement reflects Bank of Sharjah’s strategic vision of supporting large international contractors by providing tailored financing solutions beyond their domestic borders.” – Mohamed Khadiri, CEO - Bank of Sharjah.
“Emirates NBD is proud to have partnered with Daewoo E&C on its USD 155m syndicated facility. Daewoo E&C’s continued focus on projects in the MENA region also ties in with Emirates NBD’s core presence and capabilities in these markets.” - Vanessa Leung, CEO Emirates NBD Bank, Singapore Branch.
