Skip to main content

Clifford Chance has advised Saudi Arabia’s Abdullah Al Othaim Real Estate Investment and Development Company (OREIDCO) on its maiden sukuk worth 1 billion Saudi riyals (approximately $265.6 million), with Latham & Watkins advising the joint lead managers and bookrunners.

An orphan SPV company that OREIDCO set up in the Cayman Islands for the sole purpose of launching the sukuk is the sukuk issuer. Offered on a private placement basis to investors based in Saudi Arabia, the sukuk’s payment obligations were secured against one of OREIDCO’s shopping malls under an innovative security structure. GIB Capital, Saudi Fransi Capital (SFC) and NCB Capital Company were the lead managers and bookrunners for the transaction. SFC also acted in separate capacities as the payment administrator and sukukholders' agent.

The Clifford Chance team advising OREIDCO was led by Dubai partner Stuart Ure.

Related Articles

Deals

Khaitan, JSA, Hogan Lovells guide $515 mln Waaree IPO

by Nimitt Dixit |

Khaitan & Co has advised Waaree Energies, India's largest manufacturer and exporter of solar modules, on its $515 million initial public offering, with JSA Advocates & Solicitors and Hogan Lovells guiding the bookrunning lead managers.

Deals

CAM, Khaitan guide Adani-backed Renew Exim’s $380 mln ITD acquisition

by Nimitt Dixit |

Cyril Amarchand Mangaldas has advised Adani Group's Dubai-based firm Renew Exim DMCC on its acquisition of a 46.64 percent stake in ITD Cementation India for around $380 million from Italian-Thai Development Public Company, who was represented by Khaitan & Co.

Deals

CAM, AZB, SAM, Latham advise on landmark $1.3 bln Swiggy IPO

by Nimitt Dixit |

Cyril Amarchand Mangaldas is advising SoftBank-backed Indian food and grocery delivery giant Swiggy on its much-anticipated initial public offering worth $1.3 billion, with AZB & Partners and Latham & Watkins advising the bookrunning lead managers.