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A&O and Linklaters win advisory roles on $965m financing of Travelex and UAE Exchange

Allen & Overy (A&O) and Linklaters have won roles advising on a $965m combined financing deal for UAE Exchange Centre and Travelex Holdings backed by nine banks, to support both forex companies’ growth plans.

The $890m loan financing with a $75m accordion will be used to refinance an existing bridge facility, and was backed by Goldman Sachs and Qatar National Bank, Doha Bank, Barclays Bank, Commercial Bank International, National Bank of Fujairah, Abu Dhabi Commercial Bank & IDBI Bank Limited and Axis Bank.

The banks were advised by A&O, led by finance partner Denise Gibson while Peter Timchur led from the UAE, with Simon Hill also advising the security and facility agents.

Linklaters advised UAE Exchange and its founder Bavaguthu Raghuram Shetty as well as Travelex on the deal.

Linklaters corporate partner Nick Garland lead the firm’s team, alongside banking partner John Tucker. Tucker told Legal Business: ‘Dr Shetty and UAE Exchange have been incredibly successful at growing an international brand and this refinancing should put them on an even stronger footing to develop this further.’

Gibson said: ‘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.’

She added: ‘The new financing deliver 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.’