Global law firm White & Case acted as legal counsel to FIVE Holdings (BVI) Limited on its inaugural bond offering, which raised $350 million in the form of 9.375% Senior Secured Guaranteed Green Notes. FIVE Holdings is a prominent vertically integrated hospitality group, renowned for its luxury hotels situated primarily in Dubai, and more recently, in Switzerland. The group boasts ownership and management of prestigious establishments such as the FIVE Palm Jumeirah, FIVE Jumeirah Village in Dubai, and FIVE Zurich in Switzerland. In addition to its core hospitality business, FIVE Holdings is also actively involved in real estate development.
“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.
The Notes were issued in accordance with Rule 144A and Regulation S and are now listed on both NASDAQ Dubai and the International Securities Market. Notably, the issuer has received an exceptional “A / Prime” ESG rating from ISS, signifying the highest ESG rating achieved by any corporate issuer within ISS’ ESG rating universe.
White & Case’s involvement extended beyond the bond issuance. The firm also provided counsel to FIVE on securing a USD200 million secured revolving credit Facility, executed around the time of the bond issue. The proceeds from the Notes and the Facility are earmarked for multiple purposes, including the repayment of existing debts, funding a portion of the proposed acquisition of Universo Pacha, S.A., which encompasses assets like the Pacha Nightclub, Destino Pacha Hotel, and El Hotel Pacha in Ibiza, as well as supporting general corporate needs.
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, pictured) 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).