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Philip Chalmers

Managing Associate, Finance
UAE

EXPERTISE

Philip Chalmers is a Managing Associate in our finance team in the Middle East. He specialises in conventional and Islamic corporate finance, real estate finance, hotel finance, shipping finance and project finance matters across a range of industries, including construction, telecommunications, infrastructure, energy and utilities, renewables and TMT. Philip moved from the firm's Edinburgh office in July 2018. Philip has a particular expertise in multi-creditor debt restructurings, insolvency and local and cross-border real estate finance. He regularly advises funders to the region's sovereign wealth funds and family offices in respect of acquisitions and investments in the region, Europe and the UK.

Philip is qualified to practice law in Scotland and England & Wales and is a Scottish notary public. He completed a secondment in the Corporate Real Estate team at Lloyds Banking Group in 2016.

Experience

Advised a major UAE financial institution in respect of the AED90m term facilities made available to the Kitopi group, tipped to be the UAE's first unicorn company.
Advised a major real estate funder in respect of the AED450m facilities made available to a local sponsor to refinance the Pullman hotel, Business Bay.
Advised a major real estate funder in respect of the AED500m development facilities in order to fund the development of a 74-storey residential tower at Dubai Marina.
Advised a major UAE financial institution in respect of the AED1bn development facilities made available to ICD in order to finance the Deira Waterfront project.
Advised two major UAE financial institutions in respect of the separate AED1bn facilities made available to the Ministry of Finance, Dubai.
Advised one of the joint KSA co-bidders in respect of the distressed takeover of Lamprell Plc, the first Saudi backed take private in the UK.
Advised a UK sponsor in respect of the AED350m term facilities being made available by the Emirates Development Bank to a local UAE hospital.
Advised a major UAE sponsor on the debt finance elements of the sale of UAE real estate to Peninsula.
Advised a major family office in respect of two AED250m revolving credit facilities made available by two local and international banks.
Advised a major family office in respect of a AED300m term loan facility to refinance its automobile business.
Advised a major family office in respect of the consolidation and restructuring of numerous bilateral facilities made available by a major UAE financial institution.
Advised a major school operator in the UAE in respect of the AED290m acquisition facilities made available in order to fund the acquisition of two competitor schools.
Advised a major school operator in the UAE in respect of the debt finance elements of the purchase of two competitor schools in Abu Dhabi.
Advised a major UAE financial institution in respect of the workout of distressed facilities made available to a local owner of two Grand Millennium branded hotels.
Advised the steering committee of banks in respect of the US$1.6 billion restructuring of the KBBO Group.
Advised the steering committee of banks in respect of the US$1.3 billion restructuring of the Finablr plc.
Advised Emirates Integrated Telecommunications Company PJSC (Du) on its hybrid conventional / Islamic term and revolving credit facilities made available by a syndicate of four regional and international banks.
Advised a major UAE financial institution in the provision of US$260 million Islamic working capital facilities to Sharjah National Oil Corporation.
Advised certain lenders in respect of the restructuring of $700 million facilities made available to NMC Health plc.
Advised Lafarge Emirates Cement on its US$300 million debt restructuring with 12 banks.
Advised the lenders in respect of the restructuring of the facilities made available to the Kuiper Group, a sponsor backed oil and gas business.
Advised a major UAE financial institution in the provision of a US$100 million bridge loan facility to refinance a family office's real estate investment portfolio.
Advised a major UAE financial institution in respect of a US$100 million revolving credit facility made available to a major financial institution in Qatar.
Advised Dragon Oil in respect of a US$300 million acquisition facility made available by Standard Chartered Bank.
Advised various family offices and medium sized businesses in respect of director's duties during the onset of insolvency and the UAE bankruptcy code (including the DIFC and ADGM).
Advised Bank Muscat in the provision of an OMR 37m term facility to Eagle Hills for the construction and development of a new Mandarin Oriental outside Muscat, Oman. This transaction was one of the first in Oman to incorporate the escrow account provisions promulgated by Royal Decree No. 30 of 2018.
Advised Bank Sohar in the provision of a $250m project finance facility to a port authority based in Muscat, Oman.
Advised the Qatari lenders on one of the largest financings made by a single Qatari conventional bank in 2020. QAR2,530m term facilities were provided to partially finance the construction and development of "Qetafian Island" a 1,000,000 square feet plot off the shore of Lusail City consisting of a world class waterpark, luxury beach resort, chalets, residential buildings and waterfront villas.
Advised the mandated lead arrangers on the restructuring of US$700m term facilities provided to a major corporate sponsor in respect of the development of Mazoon Towers in West Bay, Doha.
Advised the mandated lead arrangers on a QAR1.2 billion conventional and Islamic financing provided by six Qatari banks to a Qatar real estate development company in respect of its development of an extensive retail project in Qatar. Financing was extended to include a discrete additional Islamic tranche sharing in the common security with existing lenders.
Advised the mandated lead arranger on the US$330m conventional and Islamic facilities provided by six Qatari banks to a real estate development company in respect of its development of Vendome Mall in Lusail City, Qatar.
Part of the Financial Restructuring team advising a pan-GCC retailer in respect of the US$650m restructuring of its conventional and Islamic facilities provided by 13 banks.
Part of the Financial Restructuring team advising the lenders in respect of the liquidation of Joannou & Paraskevaides LLC, the high-profile collapse of one of the main contractors to the FIFA World Cup 2022.
Advised a major Qatari financial institution in the provision of a QAR820m revolving credit facility to Vodaphone Q.P.S.C.
Advised Qatar Electricity and Water Company on a $300m revolving credit facility made available by a syndicate of international banks.

Education