Allen & Overy has advised global coordinators Goldman Sachs and Qatar National Bank together with a group of arrangers on the successful completion of the USD890m financing (with a USD75m accordion) which will support the growth of UAE Exchange Centre LLC ("UAE Exchange") and Travelex Holdings Limited ("Travelex").
Travelex was acquired in January 2015 by a consortium of shareholders with the majority stake held by Centurion Investments, a leading UAE investment firm and Dr. B. R. Shetty, a well-known entrepreneur and philanthropist (the "Majority Shareholders") . The proceeds of the new financing will be used to refinance the bridge financing which supported the acquisition and to finance the integration project to combine and expand the digital and geographic footprint of Travelex and UAE Exchange.
A&O London finance partner Denise Gibson commented: "Following our role advising on the bridge facility for the Travelex acquisition last year, we have been working closely with the Global Coordinators, the Majority Shareholders and other advisers on the take-out financing. The new financing delivers a long-term capital structure that facilitates the growth strategy for the UAE Exchange and Travelex businesses and which recognises the benefits the commonality in the Majority Shareholders delivers in terms of synergies, expertise and infrastructure."
The A&O London team was led by finance partner Denise Gibson who was assisted by Senior Associates Darren Hanwell and Temi Esho, associates Celine Carter-Smith, Jenny Chung and Louise Ryberg, and trainees Annie Huggins and Karolina Latasz.. The A&O UAE team was led by partner Peter Timchur who was assisted by Senior Associate Zillah Kisswany and associate Apeike Umolu.
The A&O team acted for Goldman Sachs and Qatar National Bank in their capacity as Global Coordinators, Bookrunners and Mandated Lead Arrangers, Doha Bank in its capacity as Coordinator, Bookrunner and Mandated Lead Arranger, Barclays Bank, Commercial Bank International and National Bank of Fujairah, Abu Dhabi Commercial Bank & IDBI Bank Limited in their capacity as Mandated Lead Arrangers and Axis Bank as Lead Arranger.
An A&O team comprised of partner Simon Hill, Senior Associate Chris Angus and associate Ian Convey also advised the security and facility agents under both facilities.
Originally published 06 April 2016
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