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Allen & Overy has advised Saudi Electricity Co., the Gulf's largest utilities firm, on the more than $2 billion of financing that it received from a consortium that was advised by Clifford Chance.

The revolving credit facilities consisted of a riyal-denominated tranche worth up to $666 million and a $1.4 billion international loan. Mohamed Hamra-Krouha, Clifford Chance's Abu Dhabi and Riyadh banking and projects practice head, led the team advising lenders.

Seven international banks provided the loan, which will be used as a back-up credit facility and has a lifespan of three years. The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation acted as the coordinators, bookrunners and mandated lead arrangers respectively while HSBC, JPMorgan, Crédit Agricole and Deutsche Bank acted as the mandated lead arrangers.

Meanwhile, Saudi-based lenders National Commercial Bank and Samba Financial Group provided the riyal tranche, which also has a three-year tenor. The 2.5 billion riyals ($666.8 million) financing which is structured in the form of a revolving murabaha facility was signed in December.

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