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Barry B. Cosgrave

Partner
+44.(0)20.7360.8265
Fax +44.(0)20.7648.9001
+971.4.427.2700
Fax +971.4.447.5225
Barry Cosgrave is a partner in the firm’s London office, where he is a member of the Banking & Asset Finance practice group. Mr. Cosgrave concentrates his practice on distressed debt and restructuring, debt capital markets, structured finance and Islamic finance. Mr. Cosgrave advises on Middle East regulatory matters and is advisor to leading international banks, hedge funds, investment/asset managers and insurance companies on the full range of banking, funds, securities, broker-dealer and insurance regulation.

Professional Background

Prior to joining the firm, Mr. Cosgrave was an associate in the London office of a multinational law firm, where he concentrated his practice in financial matters.

Achievements

  • The International Who’s Who of Capital Markets Lawyers 2014, 2015 and 2016: Islamic Finance
  • Islamic Finance News: Leading Lawyer in the IFN 2012 Leading Lawyer Poll in Banking and Capital Markets; Cross Border; Insolvency and Restructuring; and Structured Finance

Professional/Civic Activities

Law Society of England and Wales (member)

Speaking Engagements

Barry speaks at a number of seminars and round tables on Islamic Finance issues.

In October 2014, Barry was a panelist on Corporate Livewire's virtual round table on Islamic Finance.

Additional Information

  • Common Professional Examination, Oxford Brookes University

Publications

  • “Islamic Finance in the UK: recent developments building on strong foundations,” Islamic Finance News, August 2015
  • “Developments and Opportunities for Shariah compliant family offices,” Islamic Finance News Annual Guide 2015, March 2015
  • “Liquidity Management in Islamic Finance: opportunities and challenges,” Islamic Finance News, November 2014
  • “Liquidity and Secondary Markets in Islamic Finance,” Islamic Finance News, June 2013
Distressed Debt and Restructuring
  • Representing Ahmad Hamad Algosaibi & Brothers Company in Saudi Arabia in connection with certain compromise negotiations with its creditors.
  • Represented Piraeus Bank S.A. in connection with an exchange offer and consent solicitation in respect of two series of regulatory capital securities and one series of senior bonds as part of the wider recapitalisation of Piraeus Bank.
  • Advising a group of mezzanine creditors in connection with the restructuring and scheme of arrangement to be entered into by Punch Taverns PLC.
  • Advising certain bondholders in connection with the restructuring of the bond debt of Orco Property Group and its conversion into €73 million 7% guaranteed notes due 2019.
  • Represented The Investment Dar in connection with the Shari’a-compliant restructuring of its US$3.5 billion debt.
Debt Capital Markets
  • Advising Titan Cement Company S.A. in connection with its issuance €300 million 4.25% Notes due 2019.
  • Advising Global Logistic Properties on its issuance of US$1 billion 3.875% Notes due 2025 pursuant to its US$2 billion euro medium term note programme.
  • Advising the joint bookrunners in connection with the issue by Theta Capital Pte. Ltd. of its US$150,000,000 7.0% Notes due 2022.
  • Advising the lead managers on the US$500,000,000 3.50% Guaranteed Notes due 2017 by a Skyland Mining (BVI) Limited unconditionally and irrevocably guaranteed by China Gold International Resources Corp. Ltd benefitting from a keepwell arrangement issued by China National Gold Corporation.
  • Advising the solicitation agents in respect of the consent solicitation by GTECH S.p.A. from the holders of its €500 million 5.375% Guaranteed Notes due 2018 and its €500 million 3.500% Guaranteed Notes due 2020.
  • Advising the dealer managers in connection with the tender offer by GTECH S.p.A. for its €750,000,000 Subordinated Interest-Deferrable Capital Securities due 2066.
  • Advising the lead managers on the US$500,000,000 4.75% notes due 2019 issued by JSW Steel Limited.
  • Advising the managers on the US$1,500,000,000 4.7% notes due 2019 issued by Lenovo Group Limited.
  • Represented the joint bookrunning managers in connection with the Rule 144A and Reg S placement by TFS Corporation Ltd of its US$150 million 11 per cent. Senior Secured Notes due 2018 and Warrants to purchase Ordinary Shares of TFS Corporation Ltd.
Finance and Structured Finance
  • Advised the mezzanine lenders in connection with a US$30 million convertible loan to for Caopu Enterprise Limited.
  • Advised a US based bank in connection with its US$75 million collateralised loan and its US$450 million collateralised loan to certain Brazilian financial institutions
  • Represented Turk Telekomunikasyon (Turk Telekom) in connection with a US$300 million bilateral facility with Emirates NBD Bank PJSC and a US$100 million bilateral facility with Commercial Bank of Qatar and a €172.5 million Guarantee Facility with SMBC, Société Générale, ING and The Bank of Tokyo Mitsubishi supporting a €150 million facility with the European Investment Bank.
Islamic finance
  • Represented a Saudi Arabian bank in connection with the US$180 million Shari'a-compliant equity bridge refinancing for the Marafiq project guaranteed by Engie (formerly GDF SUEZ), Gulf Investment Corporation and ACWA Power.
  • Represented a large UAE-based marine services provider in connection with a US$440 million secured murabaha financing.
  • Represented a UAE based bank in connection with the structuring and documentation of a Shari'a-compliant credit support annex to complement its existing Shari'a-compliant hedging documentation.
  • Represented a European bank in the development of a Shari'a-compliant structured deposit.
  • Represented Al Madina Investment Company as Lead Manager in connection with a first-of-a-kind issuance by Tilal Development Company of its OMR 50 million Sukuk al-Ijara due 2018.
  • Represented the FWU Group in connection with the issuance of its US$55 million Sukuk al-Ijara due 2019 - named "Ijara Deal of the Year" and "Europe Deal of the Year" in 2012 by the Islamic Finance News and the establishment of is US$100 million Sukuk al-Wakala programme named "Europe Deal of the Year" in 2013 by the Islamic Finance News.
  • Represented a large quasi-sovereign investment company on the structuring and documentation of a Shari'a-compliant feeder fund to facilitate investments in its newly formed conventional US real estate fund.
  • Assisted on the trading floor for the financial markets group in both conventional derivatives and Shari’a-compliant structured products while on secondment at the DIFC branch of an international bank, which included a project to develop a suite of in-house Shari’a-compliant term sheet confirmations.
  • Represented numerous banks and hedge funds on the structuring and documentation of complex Shari'a-compliant structured products and Islamic feeder funds.
Regulatory
  • Mr. Cosgrave advises on Middle East regulatory matters and is advisor to leading international banks, hedge funds, investment/asset managers and insurance companies on the full range of banking, funds, securities, broker-dealer and insurance regulation, including:
    • the promotion, offering and registration of funds and other financial products across the Middle East region;
    • the establishment of companies, branches and representative offices in the UAE and DIFC;
    • advising on broker-dealer and distribution arrangements;
    • advising on corporate governance, compliance, AML, data protection and employment issues;
    • advising on regulatory enforcement and disciplinary issues; and
    • advising governments and regulators on the development of legislation, rule-making and legal policy.
  • Advised the Abu Dhabi Global Market (ADGM) on the drafting and implementation of the ADGM Regulations.
  • Advised numerous banks and financial institutions on the legal and regulatory implications of derivatives transactions in the UAE.
  • Advised a leading US financial institution on the legal and regulatory implications of receivables financing in Saudi Arabia.
  • Advised the Ministry of Finance of the Government of Afghanistan on the drafting and implementation of an Islamic Finance law.
  • Part of the working group advising the DFSA on the new Sukuk listing rules for NASDAQ Dubai.
  • Represented Ambro Metal in connection with the drafting of the Islamic Commodities Online Network which facilitates the trading of commodities for the purposes of Murabaha transactions.