Banking, Finance and Restructuring Team of the Year: Allen & Overy
Finalists: Al Tamimi & Company • Dentons • DLA Piper • Hogan Lovells • Latham & Watkins • Shearman & Sterling
June 19, 2014 at 07:02 PM
2 minute read
Finalists: Al Tamimi & Company • Dentons • DLA Piper • Hogan Lovells • Latham & Watkins • Shearman & Sterling
Allen & Overy (A&O) secured this award for successfully closing one of the largest sukuk offerings in the history of the Middle East.
The deal formed part of a £12bn multi-source project financing for the construction of the Sadara complex in Saudi Arabia, which, when constructed, will be one of the world's largest integrated chemical facilities.
A&O advised AlBilad Investment Company, Alinma Investment Company, Deutsche Securities Saudi Arabia and Riyad Capital as joint lead managers and joint bookrunners in relation to the SAR7.5bn (£1.2bn) sukuk issuance. The sukuk is listed on the Saudi Stock Exchange and was only the second transaction to be approved by the Saudi Capital Market Authority (CMA) under its new listing rules.
The transaction was particularly notable because sponsors Saudi Aramco and Dow Chemical wanted to issue the sukuk before the signing of the wider financing, which presented some unique legal challenges.
The deal also required a high level of project management, not least during negotiations with the CMA to a tight timeframe and in compliance with a requirement for the documentation to be supplied in both English and Arabic. The team worked hard to successfully liaise with the scholars and Sharia boards of the joint lead managers to ensure that all of the parties involved in the transaction were comfortable with the requirements of the scholars.
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