Allen & Overy, in association with local law firm Zeyad S. Khoshaim, has advised Saudi Electricity Company (SEC), the Gulf's largest utility company, on its $2billion sukuk offering.
The deal, SEC’s first sukuk offered to U.S. and other international investors in accordance with Rule 144A under the U.S. Securities Act of 1933, is the largest Rule 144A sukuk out of the Middle East to date. It consists of a 10-year series and an unprecedented 30-year series, the longest tenor for any senior unsecured sukuk issue to date.
The Allen & Overy team was led by London-based partners Atif Hanif, Sachin Davé and Jamie Durham, assisted by partners Stephen Fiamma and Roger Wedderburn-Day. The Riyadh-based team was led by partner Zeyad Khoshaim.
“We are very pleased to have advised SEC on such a landmark transaction,” said Atif Hanif, partner and head of Allen & Overy's European Islamic finance practice. “The sukuk issue was very well received in the international markets and was oversubscribed by more than 6.5 times. It also achieved many firsts, including the first dual series sukuk issued under Rule 144A out of the Middle East and the first 30 year senior unsecured sukuk.”
In 2012, Allen & Overy advised on SEC 's first international sukuk worth $1.75 billion.
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