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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 banking & asset finance practice group and divides his time between our London and Dubai offices. 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: Islamic Finance 2014 - present

Professional/Civic Activities

Law Society of England and Wales (member)

Speaking Engagements

  • Mr. Cosgrave speaks at a number of seminars and round tables on Islamic Finance issues.
  • In October 2018, Mr. Cosgrave was a panelist at INSOL International’s one day seminar in Dubai discussing changes to Bankruptcy Laws in the Middle East.
  • In June 2016, Mr. Cosgrave was a panelist at Global ABS discussing the Capital Markets Union after Brexit.

Additional Information

  • Common Professional Examination, Oxford Brookes University
Publications
  • Derivatives and hedging in Islamic Finance Islamic Finance News, June 2019
  • “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 (AHAB) in Saudi Arabia in connection with certain compromise negotiations with its creditors in relation to approximately US$9 billion in liabilities and its current application for a Protective Settlement Procedure under the Saudi Arabian Bankruptcy law.
  • Represented Deutsche Bank as agent on the AED2.1 billion restructuring of Gulf General Investment Company (GGICO).
  • Represented an industrial supplier in connection with the conversion of its unpaid invoice receivables into a secured lending transaction and the subsequent £130 million liquidation of that counterparty.
  • Represented a US Hedge Fund in connection with the establishment and on-going operation of the Wentworth joint venture in relation to the administration of Lehman Brothers (International) Europe.
  • Represented Piraeus Bank S.A. in connection with the consent solicitation and tender offer for its EUR200 million Floating Rate Non-cumulative Guaranteed Non-voting Preferred Securities, EUR400 million Subordinated Callable Step-up Floating Rate Notes due 2016 and EUR500 million 5.00% Notes due March 2017 as part of the 2015 recapitalisation of Piraeus Bank.
  • Represented a leading Greek bank on the proposed disposal of a portfolio of non-performing loans to a US Hedge Fund.
  • Represented a group of mezzanine creditors in connection with the restructuring and scheme of arrangement to be entered into by Punch Taverns PLC.
  • Represented 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.
  • Represented an aircraft leasing group on the restructuring of the financial and other obligations owed to it by one of its lessee counterparties.
  • Represented certain creditors and secondary market traders on a number of investments in Middle East and European distressed credits.
  • Represented a Saudi Arabian property developer in distress in connection with its SAR12 billion liabilities and associated hedging arrangements.
  • Represented certain minority creditors on the rescue financing and equity investment by Oaktree Capital in Gulmar Offshore.
  • Represented the creditors on the restructuring of the AED367 million financing of the Bahrain Financial Harbour project.
  • Represented the bondholders in connection with the restructuring of the US$200 million Lagoon City Sukuk.
  • Represented the bondholders in connection with the restructuring of the US$100 million Thani Sukuk.
  • Represented the bondholders on the restructuring of three Sukuk issued by Nakheel PJSC.
Debt Capital Markets
  • Represented Chalkhill Capital as arranger on a £64.5 million structured bond due 2027 secured on the proceeds of a Real Estate Investment Trust.
  • Represented Titan Cement Company S.A. in connection with its issuance €300 million 4.25% Notes due 2019.
  • Represented 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.
  • Represented the joint bookrunners in connection with the issue by Theta Capital Pte. Ltd. of its US$150,000,000 7.0% Notes due 2022.
  • Represented 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.
  • Represented 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.
  • Represented 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.
  • Represented the lead managers on the US$500,000,000 4.75% notes due 2019 issued by JSW Steel Limited.
  • Represented 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, Structured Finance and Derivatives
  • Represented Gulf Capital Credit Partners on a US$15 million secured structured financing for a logistics operator in East Africa.
  • Represented Gulf Capital Credit Partners and AfricInvest on a US$48 million combined secured structured loan and equity investment in ISON BPO Limited, a business process outsourcing provider in sub-Saharan Africa.
  • Represented the London branch of a leading European bank on a number of Repo transactions.
  • Represented Veling Limited on a $277 million combined senior conventional facility provided by Abu Dhabi Commercial Bank with a Shari’a-compliant mezzanine facility provided by Al Hilal Bank and a conventional mezzanine facility provided by RAK Bank for the purchase of one Airbus A380 aircraft.
  • Represented Veling Limited on a $228 million senior conventional facility provided by Abu Dhabi Commercial Bank and a $50.4 million mezzanine Murabaha Facility provided by Al Hilal Bank for the purchase of one Airbus A380 aircraft.
  • Represented Borrowers and Lenders in connection with numerous hedging transactions.
  • Represented the mezzanine lenders in connection with a US$30 million convertible loan to for Caopu Enterprise Limited.
  • Represented 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 - Capital Markets, Structured Finance and Derivatives
  • 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 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 on the structuring and documentation of a number of Shari’a-compliant Repo transactions.
  • Represented a European bank in the development of a Shari'a-compliant structured deposit.
  • 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.
Islamic finance - Investment Management
  • Represented a US-based private equity firm on the structuring and documentation of a Shari’a-compliant co-investment platform.
  • Represented a Kuwaiti investment company on the EUR85 million Shari’a-compliant acquisition of a strategic logistics asset in Germany.
  • 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.
  • Represented the sponsors of a US infrastructure-related master limited partnership on the structuring and documentation of a Shari’a-compliant $400 million feeder fund investment structure.
Islamic finance - Bank Finance
  • Represented Kayan Aviation on a $271.675 million Shari’a-compliant ijara facility provided by Dubai Islamic Bank for the purchase of one Airbus A380 aircraft.
  • Represented Gatehouse Bank PLC on a £17 million Shari’a-compliant financing of a commercial real estate portfolio in the United Kingdom.
  • Represented Veling Limited on a $30 million Shari’a-compliant mezzanine facility provided by Al Hilal Bank and associated intercreditor arrangements as part of a combined $277 million financing package provided by Abu Dhabi Commercial Bank as senior facility lender with Al Hilal Bank and RAK Bank as mezzanine finance providers for the purchase of one Airbus A380 aircraft.
  • Represented Veling Limited on a $50.4 million mezzanine Murabaha Facility provided by Al Hilal Bank as part of a combined $278.4 million financing package with a senior conventional facility provided by Abu Dhabi Commercial Bank for the purchase of one Airbus A380 aircraft.
  • Represented Gatehouse Bank PLC on a £16.5 million and a £20.5 million Shari’a-compliant financing of residential real estate portfolios in the United Kingdom.
  • 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.
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 (ICON) rules which facilitates the trading of commodities for the purposes of Murabaha transactions.