White & Case and CC act on $2.6bn Saudi securities deal
Clifford Chance (CC) and White & Case's Saudi bases have taken lead roles on a $2.66bn (£1.66bn) fundraising by petrochemical giant Saudi Basic Industries Corporation (SABIC). The deal, which has a local currency value of SAR10bn, closed last month (29 December) and marked the largest notes programme in the Kingdom of Saudi Arabia in 2009.
January 13, 2010 at 06:17 AM
2 minute read
Clifford Chance (CC) and White & Case's Saudi bases have taken lead roles on a $2.66bn (£1.66bn) fundraising by petrochemical giant Saudi Basic Industries Corporation (SABIC).
The deal, which has a local currency value of SAR10bn, closed last month (29 December) and marked the largest notes programme in the Kingdom of Saudi Arabia in 2009.
CC's Saudi office, Clifford Chance Al-Jadaan & Partners, acted for SABIC through partner Mohammed Al-Jadaan. Meanwhile, White & Case's Law Office of Mohammed Al-Sheik advised the Public Investment Fund of Saudi Arabia (PIF), which subscribed for the notes.
The White & Case team was led by Riyadh-based partner Mohammed Al-Sheikh, who worked alongside London and Riyadh-based associate Harj Rai.
SABIC, which is the world's largest petrochemical company and the largest listed company in the Middle East region, intends to use the money to finance projects. It has previously used CC's Saudi office on deals including a $6bn (£4bn) financing package for the Jubail Industrial City petrochemical complex in 2009.
PIF, a financing vehicle for projects that Saudi Arabia deems important for its overall economy, has previously instructed White & Case on transactions including the $280m (£175m) financing for the National Shipping Company of Saudi Arabia in 2008.
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