1 April 2015
In what is described as one of the biggest finance deals in the Middle East in recent years, a team across our Riyadh, Abu Dhabi and London offices jointly advised on the five-year US$10 billion financing comprised two tranches (i) an Islamic tranche denominated in Saudi Riyal (for an amount equivalent to US$3 billion) for Saudi banks and (ii) a US$7 billion USD international tranche.
Bank of China, BTMU, Citi, Deutsche, HSBC, JP Morgan, Standard Chartered and SMBC participated as Bookrunners and MLAs on the US dollar loans, whilst Alinma Bank, National Commercial Bank and Riyad Bank led the riyal-denominated portion.
Additional lenders comprise Abu Dhabi Commercial Bank, ANZ, Arab National Bank, Banque Saudi Fransi, BNP Paribas, Credit Agricole, Gulf International Bank, Mizuho Bank, National Bank of Abu Dhabi, National Bank of Kuwait, Northern Trust, RBC, Samba, Saudi British Bank, Saudi Hollandi Bank and SocGen.
Commenting on the deal, Lead Partner, Abu Dhabi-based Mohamed Hamra-Krouha said: "We are delighted to have helped our clients and Saudi Aramco achieve a successful signing on this important facility and congratulate all those involved. It was a great opportunity for Clifford Chance to once again demonstrate our strong on-the-ground execution capabilities and strength working relationships across our global network."
The Clifford Chance Middle East team continues to advise on some of the region's most prominent deals including advising Dubai World in its successful negotiations with 130 lenders for the extension of more than US$10 billion of debt facilities, an AED10 billion restructuring for Amlak, US$3 billion facility for DP World and playing a key role in the next stage of Dubai's infrastructure development through working for funders on multiple financings for major real estate developments, including ECA financings and Islamic financings.
The Clifford Chance team was led by Mohamed Hamra-Krouha (partner, Abu Dhabi) with support from Riyadh partners Abdulaziz Al-Abduljabbar and Paul Latto and London partner Russell Wells, Bilal Rana (senior associate, Riyadh), Abdullah Al-Hoqail (senior associate, Riyadh), Richard Tomlinson (senior associate, London), Reef Al-Yousefi (associate, Riyadh), and Katherine Rollo (Trainee, Dubai).