Elian has successfully supported Garuda Indonesia on achieving its US $500m Sukuk, the first ever offshore US dollar offering by an Indonesian corporate issuer. It is anticipated that the funds raised will be used by Garuda Indonesia to refinance its debt as well as for general corporate purposes including capital expenditure.  

Elian was appointed to provide directors and corporate administration services to the newly incorporated Cayman Trustee as issuer of the Trust certificates that will be listed on the Stock Exchange of Singapore.

Graham Gurney, Chief Operating Officer of Elian in Hong Kong, said: ‘I am delighted that Elian has had the opportunity to assist Garuda Indonesia on this landmark transaction and demonstrate that Elian can deliver more value and raise the bar in the provision of administration services on Islamic finance transactions. Elian's participation in this transaction is further evidence of its ability to support complex multi jurisdiction structuring for some of the world's largest multinational corporations.’

A number of banks and legal advisors acted on the Sukuk, including Clifford Chance as counsel for the Joint Lead Managers and the National Bank of Abu Dhabi as Sole Global Coordinator.

Elian's International Finance Team incorporate and administer all types of onshore and offshore vehicles established for structured finance and capital markets transactions, including trusts, partnerships, segregated portfolio companies and special purpose vehicles. Elian recently opened an office in New York, its 11th international office.