Hogan Lovells advises Barwa Bank on $125m Islamic financing facility for Topaz

Hogan Lovells has advised Barwa Bank on a $125m Islamic facility made available to United Arab Emirates (UAE)-based Topaz Energy and Marine.

The Islamic financing facility will be used to finance 12 of Topaz’s vessels operating in the Arabian Gulf and the Caspian Sea. Comprising two separate structures, the facility involves a $110m Ijara-based financing scheme for 10 existing vessels and a £15m Istisna-based deal for the purchase of two new vessels under construction.

Hogan Lovells’ Dubai-based team was led by banking and finance partner Rustum Shah, assisted by senior associate Faraz Naqvi, Victoria Mesquita (associate) and James Clarke (associate).

The Dubai team was supported by partner Simon Gwynne and associate Patrick Moore from the law firm’s London-based asset finance team.