Dubai—Dentons is proud to announce the successful closure of a US$300 million equivalent senior unsecured dual-currency term loan facility for Asakabank. The syndication was met with overwhelming interest, achieving a substantial oversubscription of 3.5 times the facility's launch amount. A total of 22 institutions from across the globe participated in the facilities, underscoring the strong international confidence in Asakabank and the Uzbek market.

Dentons provided legal counsel to the lenders including Abu Dhabi Commercial Bank PJSC (ADCB) and Emirates NBD Capital Limited (ENBD) who played pivotal roles as the coordinators, initial mandated lead arrangers and bookrunners for the facilities. ADCB also served as the documentation agent, while Emirates NBD Bank P.J.S.C. acted as the facility agent. The proceeds from the facilities will be utilised for general corporate purposes, supporting Asakabank's strategic initiatives and growth plans.

The success of this transaction highlights the increasing interest in Uzbekistan from the international syndicated loan market, reflecting the country's growing economic potential and Asakabank's robust financial standing.

Dentons' Abu Dhabi Office Managing Partner, Nathaniel Armstrong, who led the Dentons team, commented: "We are delighted to have played a key role in the successful closure of Asakabank's syndicated term loan facility. This transaction not only underscores the robust confidence of international investors in Uzbekistan's financial market, but also highlights Dentons' ability to provide seamless cross-border legal advice."

The Dentons team was led by Abu Dhabi Office Managing Partner Nathaniel Armstong, with support from Senior Associate Shaakir Daud and Associate Patrick Yeo, as well as Partner Eldor Mannopov and Senior Associate Sanjar Narzullaev from our Tashkent office.