Global law firm Latham & Watkins has advised the lead managers of Saudi Electricity Co’s $1.75 billion Islamic bond issuance, which is the company’s first international sukuk offering.
The lead managers for the sukuk were HSBC Bank and Deutsche Bank along with co-manager Mitsubishi UFJ Securities International. The Latham & Watkins team was led by partners Mohammed Al-Sheikh in Riyadh and Craig Nethercott in Dubai and London, with counsel Dipti Thakar in Dubai and associates Harjaskaran Rai and Mahmoud Abdel-Baky in Riyadh.
The Saudi Electricity sukuk was issued in two tranches. The first one was for an amount of $500 million due 2017, while the second one was for $1.25 billion due 2022. It is the largest international sukuk issuance in the region, and was ten times oversubscribed.
The firm also recently 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 oil-fired 2,800 megawatts (MW) power plant is being constructed by a consortium led by Korea's Doosan Heavy Industries and Construction Companies. ALB
Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.
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