International law firm Latham & Watkins has advised the lenders involved in the Saudi Electricity Co’s $1.4 billion loan agreement to finance the construction of a new power plant in Rabigh.
The loan, which will be repaid over 15 years, was made by a group of international banks led by HSBC and also included the Export-Import Bank of Korea, the Sumitomo Mitsui Banking Corporation, the Bank of Tokyo Mitsubishi UFJ, the Mizuho Banking Corporation and KfW IPEX-Bank. Tranches of the facility are guaranteed by the Export-Import Bank of Korea and insured by the Korea Trade Insurance Company.
The Latham & Watkins team was led by partners Mohammed Al-Sheikh in Riyadh and Craig Nethercott and Anthony Pallett in Dubai, with counsel Sungjin Kang in Hong Kong and associates Harjaskaran Rai and Basil Al-Jafari in Riyadh and Dubai respectively.
The oil-fired 2,800 megawatts power plant is being constructed by a consortium led by Korea's Doosan Heavy Industries and Construction Companies.
Earlier this month, Saudi Electricity priced a $1.75 billion two-part Islamic bond - the kingdom's first dollar-denominated issue since October 2010 - when petrochemicals group Saudi Basic Industries Corporation (SABIC) launched a $1 billion five-year bond. ALB
Shaheen Pasha is Middle East Editor at ALB The Brief. Follow us on Twitter: @ALB_TheBrief.
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