We have acted as Cayman Islands legal counsel to Brooge Petroleum and Gas Investment Company FZE (Brooge), a leading oil storage and services provider based in the Emirate of Fujairah, in connection with its landmark US$167 million sukuk issuance.
The transaction formed part of Brooge's strategy to refinance existing debt and support the expansion of its storage capacity at the Port of Fujairah, a key hub for energy logistics in the region.
The issuance also follows Gulf Navigation Holding PJSC's acquisition of Brooge's assets earlier this year, underscoring the strategic importance of Brooge's operations in the UAE energy sector.
The sukuk was arranged by HSBC, which acted as sole underwriter and arranger, and it was issued through Etihad Energy Sukuk Ltd, a Cayman Islands special purpose vehicle established as an orphan entity to facilitate the transaction.
Our multi-disciplinary team was led by partner Ciaran Bohnacker and senior associate Szymon Durlo, based in our Dubai office, with support from senior vice president Paul McGinness and vice president Jordan Hebert from Walkers Professional Services. The team provided comprehensive Cayman Islands legal and administrative support, including:
- Establishing and maintaining the Cayman Islands issuer vehicles;
- Providing directorship, registered office, and ongoing corporate services;
- Drafting and reviewing Cayman law-governed documentation; and
- Advising on the offering documents and transaction structure.
Additionally, a team in our Jersey office, led by partner Nigel Weston and Channel Islands' head of Listings Grace Pickering, acted as listing agent on The International Stock Exchange (TISE), where the sukuk was admitted to listing.
Commenting on the transaction, Ciaran Bohnacker, Partner in Walkers' Dubai office, said: 'We are delighted to have assisted Brooge on this important transaction, which reflects our ability to deliver seamless cross-border legal and fiduciary services for complex sukuk structures.
Nigel Weston, Partner in Walkers' Jersey
office, added: 'We are pleased to see The International Stock
Exchange being used for an increasing number of sukuk issuances
originating from the Middle East. This transaction demonstrates the
growing appeal of TISE as a listing venue for Islamic finance
structures.'
This transaction further demonstrates our ability to coordinate
across multiple jurisdictions, providing integrated legal and
administrative support for complex, cross-border Islamic finance
structures and follows a recent surge in debt capital markets activity within the
Gulf region.
To find out how we can help you with Islamic finance solutions, get
in touch with the team.