Baker McKenzie and Clifford Chance are advising the government and Saudi Electricity Company (SEC) on the world’s largest-ever Islamic finance transaction, which is set to revolutionise the capital structure of the monopoly managing the Kingdom’s electricity sector.
The SEC announced that it had refinanced a major tranche of funds owed to the government, allowing it to reclassify net government liabilities totaling SAR167.9 billion ($44.8 billion) as “a subordinated perpetual financial equity-like instrument.”
