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Christoph Schulz

Special Counsel

London +44 20 7067 2217

  • About
  • Representative Matters
  • Credentials
  • About

    Christoph Schulz advises sponsors, potential borrowers and banks on finance and project finance transactions, including Islamic finance. Christoph has particular experience in the Middle East and emerging markets.

    Prior to joining Covington, Christoph worked in the United Arab Emirates and London.

    Areas of Expertise

  • Practices and Industries
  • Representative Matters
    • Advising two developer consortia on the development and shari’a compliant financing of two residential communities, including associated utilities, at the NEOM smart city in Saudi Arabia. The two residential communities form part of the first phase of NEOM's residential communities’ expansion, a social infrastructure project that will house the region’s growing workforce. At a value of over $5.5 billion, the project is one of the largest public-private partnerships for accommodation globally.
    • Advising Quantum Switch Tamasuk on the financing of a data centre portfolio in Saudi Arabia to provide data storage and cloud services to a major technology company. This includes drafting and negotiation of legal documentation involving a modular expansion criteria to support phased integration of additional data centres and associated renewable energy infrastructure—with a multitude of different hyperscalers—under one accordion financing. The first data centre within the portfolio was financed in 2022, and is the first data centre in the Middle East to have been financed on a limited-recourse basis. The project was awarded “Digital Infrastructure Deal of the Year – Data Centres” for 2022 by IJ Global.
    • The sponsors on the project financing of Dubai's Warsan Waste-to-Energy plant, which will be the largest waste-to-energy project in the world, once completed (PFI Awards Middle East Deal of the Year 2021).
    • The Sponsors on the project financing of the Dammam ISTP sewage treatment plant project in the Kingdom of Saudi Arabia.
    • The senior lenders on the project financing of the Umm Al Hayman Wastewater Treatment Project in Kuwait (PFI Awards Middle East PPP Deal of the Year 2020).
    • The club of senior banks on on-going matters under the dual tranche istisna’a-ijara and wakala-ijara project financing of the Jazan ASU Industrial Gas Complex.
    • The sponsor on the development and development finance institutions backed project financing of the first floating LNG storage and regasification terminal in Bangladesh.
    • The project company and the UAE and Japanese sponsor guarantors on the parallel loan facilities provided by commercial banks and Japanese Bank for International Cooperation to finance the construction of a large-diameter welded steel pipe manufacturing plant in Abu Dhabi.   

    • The project company on the refinancing of the Zayed University PPP Project in Abu Dhabi. (IJ Global MENA Social Infrastructure Deal of the Year 2015)
    • The mandated lead arranger of a U.S. $313 million term loan and letter of guarantee facility to a Middle Eastern oil rig company.
    • An international power and energy company on the review of its financings and non-core energy projects.
    • The successful bidder on senior and equity bridge facilities to fund the acquisition of the district cooling business on Al Maryah Island, Abu Dhabi, together with the amendment and restatement to introduce an Islamic commodity murabaha tranche post-closing to assist with syndication.    
    • A property developer on numerous conventional and Islamic bilateral facilities.
    • The sponsors of a cogeneration project, the parallel development of three combined power and steam plants in Saudi Arabia.
    • The project company on a workers’ accommodation project in Abu Dhabi.
    • The club of senior banks on the refinancing of the U.S. $400 million long-term project financing of the ISTP2 sewage treatment plant project in Abu Dhabi.
    • A UAE bank on a letter of credit facility to support the equity investment of a major international power company in project financings in the UAE.
    • A corporate on the AED2,592m refinancing of its existing indebtedness.
    • The sponsor on the proposed acquisition of a portfolio of district cooling projects.
    • A syndicate of lenders on the secured financing of a healthcare provider consisting of a refinancing tranche and new tranches to finance expansion and acquisitions.
    • An international bank on a murabaha agreement to finance the acquisition of a U.S. corporate by a sharia compliant investment fund.
    • A UAE construction contractor on various corporate level term loan, working capital and letter of credit facilities.
    • An international bank on the participation in credit agreements for U.S., European and Asian leveraged acquisition, shipping and real estate finance transactions.
    • The mandated lead arranger of a term loan facility for a UAE corporate secured on shares listed on the Borsa Italiana.
    • The mandated lead arranger of a EUR 150 million term loan facility for a UAE corporate secured on shares listed on the Borsa Italiana.
    • The lender on a margin loan facility for a UAE company secured on shares listed in the UAE.
    • An international airline on numerous bilateral revolving loan facilities and sharia compliant revolving facilities.
    • The mandated lead arranger of a U.S. $425 million term loan facility for an international airline.
    • The lender on a EUR 75 million term loan facility to a European airline.
    • A corporate borrower on a U.S. $750 million revolving credit facility.
    • A syndicate of international and UAE banks on unsecured EUR3.6bn loan facilities for a UAE corporate borrower.
    • The mandated lead arranger on a U.S. $100 million term loan facility for an international contracting company.
    • A corporate on its AED1.4bn refinancing.
    • An international travel company on a bilateral facility.
    • A bank on various transactions as lender whilst on secondment as in-house counsel.
    • A bank as borrower on several unsecured term loan and revolving credit facilities.
    • The mandated lead arranger on a U.S. $50 million term loan facility for a Middle Eastern Bank.
    • A US bank on amendments to a CLO managed by a UAE bank.
    • A UAE bank on a proposed CLO with a U.S. bank.
    • Sharia compliant financial institutions on the U.S. $300 million syndicated murabaha facility for a sharia compliant development finance institution.
    • A government, acting as lender, on a U.S. $1 billion loan to a sovereign state.
    • The mandated lead arrangers on a AED1.5 billion term loan to a corporate to finance the acquisition of various hotels across Europe.
    • A real estate investment fund as lender of a mezzanine term loan to fund construction of a greenfield shopping mall in the UAE.
    • A UAE national high net worth individual on the acquisition of a hotel in Dubai.
    • A sharia compliant bank on an ijara facility for a residential property development.
    • A Middle Eastern bank on the extension and amendment of a real estate ijara.
    • National Bank of Abu Dhabi on the development of its house form of supply chain finance documentation.
    • The lenders on UAE law aspects of various borrowing base facilities with security over assets in the UAE.
    • The mandated lead arranger on a limited recourse facility agreement in relation to a prepayment agreement and an oil purchase agreement with an international energy and commodities company and a national oil company.
    • A sharia compliant development finance institution on a true murabaha to finance the acquisition of motorbikes by a Malaysian retailer.
    • The shareholders of a Middle Eastern family company group on the restructuring and rescheduling of the indebtedness of the group and the personal indebtedness of the shareholders.
    • The lenders on the UAE law aspects of numerous aircraft financings in the Middle East.
    • The Lenders on the financing of one Airbus A380 aircraft on operating lease with an international leasing company (as lessor) and a Middle Eastern airline (as lessee).
    • A leasing company on the sharia compliant financing of two Boeing 737 aircraft on operating leases with a Middle Eastern airline.
    • A bank on equipment finance loans and leases with SME borrowers.
    • A bank on the UAE law aspects of the sale of its aircraft portfolio.
    • A bank on the sale of its SME loan and lease portfolio.
    • The mandated lead arrangers in a syndicated EUR 98 million and U.S. $108 million dual tranche facility for a Turkish participation bank. The facilities were provided by shari’a compliant banks.
    • An international development finance institution on amendments to its U.S. $24 million partly convertible loan to a hospitals group to finance the expansion of hospitals in the UAE and India.
    • A U.S. bank as arranger and investment agent on a syndicated U.S. $75 million participation bank facility for a Turkish corporate.   
    • An investment fund in a sharia compliant acquisition financing on the acquisition of shares in an Indian company.
    • A UAE corporate on a syndicated murabaha facility.
    • The mandated lead arrangers on two coordinated dual tranche murabaha facilities for a Saudi-Bahraini telecommunications company.
    • An international bank and number of SPVs as buyer, lessor and junior lender on the purchase and delivery of two Airbus A300 aircraft and on a number of aircraft financing amendments.
    • An international bank on a borrowing base revolving credit trade finance facility.
    • An international development bank as lender on an ECA-backed financing of the purchase of telecommunications equipment by two African subsidiaries of a global mobile phone network operator.
    • The coordinator and bookrunner of the IPO of a European airline by reviewing the financing, leasing and security documentation for the group's fleet of passenger aircraft as part of the due diligence prior to the IPO.

    Areas of Expertise

  • Credentials
    Education
    • BPP Law School, 2009
        • Legal Practice Course
    • University of St. Andrews, 2007
        • Hons
        • Arabic and International Relations
    • College of Law, York, 2008
        • Graduate Diploma in Law
    Bar Admissions
    • Solicitor of the Senior Courts of England and Wales
    Languages
    • English
    • German
    • French
    • Italian
    • Arabic
    Accolades
    • IJ Global MENA Social Infrastructure Deal of the Year (2015)
    • PFI Awards Middle East PPP Deal of the Year (2020)
    • PFI Awards Middle East Deal of the Year (2021)
    Memberships and Affiliations
    • Solicitors Regulatory Authority

    Areas of Expertise

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