White & Case advises on FIVE’s debut green notes issuance

Global law firm White & Case LLP has advised FIVE Holdings (BVI) Limited on its debut bond offering of US$350 million 9.375% Senior Secured Guaranteed Green Notes.

“Supporting FIVE on this landmark transaction is a testament to the Firm’s expertise advising on cross-border debt capital markets and sustainable finance transactions,” said White & Case partner Richard Pogrel, who led the Firm’s deal team.

FIVE is a vertically integrated hospitality group operating luxury hotels primarily in Dubai and, more recently, in Switzerland. The Group owns and operates the FIVE Palm Jumeirah and FIVE Jumeirah Village in Dubai and FIVE Zurich in Switzerland. Complementary to the main hospitality business, the Group also operates in real estate development.

The Notes were offered pursuant to Rule 144A and Regulation S and are listed on NASDAQ Dubai and the International Securities Market. The issuer’s ESG rating is “A / Prime” by ISS – the highest ESG rating to date across all corporate issuers within ISS’ ESG rating universe.

The Firm also advised FIVE on a US$200 million secured revolving credit Facility entered into around the issue date. The proceeds of the Notes and the Facility are intended to be used to repay outstanding indebtedness, finance a portion of the proposed acquisition of Universo Pacha, S.A., including, among other assets, Pacha Nightclub, Destino Pacha Hotel and El Hotel Pacha in Ibiza, and for general corporate purposes.

The White & Case team which advised on the transaction included partners Richard Pogrel, Laura Sizemore, James Greene (all London), William Watson, Claire Matheson Kirton (both Dubai) and Chad McCormick (Houston), local partner Xuan Jin (Hong Kong), counsel James Clarke (London) and associates Tejal Velambath, Ece Kuregibuyuk, Anu Alamutu (all London), Mikaela Nikolausson, Daniel Faber, Amir Mehdizadeh Iranpour and Rim Dagher (all Dubai) and Grayson Weeks (New York).

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