The $165.67 million sukuk, originated from Texas-based East Cameron Partners, has achieved several firsts – as well as being the first such deal to come from the US, it is also the first ever Islamic securitization rated by S&P, and the first securitization embedding Shariah-compliant hedges. East Cameron Partners’ reserves are located in the shallow waters offshore the state of Louisiana.
Merrill Lynch acted as bookrunner on the deal and Lebanon-based bank BSEC structured it. The transaction has a two-tier structure, with a purchaser SPV located in Delaware to acquire the assets, and an issuer SPV in the Cayman Islands that issues the sukuk.
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