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.

Related Articles

Deals

A&O Shearman, CC, AZP, AHP guide Indonesia’s $2.35 bln global sukuk issue

by Nimitt Dixit |

Global law firms Clifford Chance and A&O Shearman and local law firms AZP Legal Consultants and Assegaf Hamzah & Partners (AHP) have advised on the issuance of Indonesia’s landmark $2.35 billion global sukuk.

Deals

CC acts on $870 mln HK telecom infra deal

by Hu Yangxiaoxiao 胡阳潇潇 |

Magic Circle law firm Clifford Chance has advised China Merchants Capital (CMC) on its $870 million investment for a 40 percent stake in the fibre assets of HKT Trust & HK, a subsidiary of Hong Kong telecom group PCCW.

Deals

CC, Paul Hastings lead on CR Beverages’ HK IPO

by Charlie Wu 吴卓言 |

Clifford Chance and Jingtian & Gongcheng are advising China Resources Beverages, the beverage division of the state-owned China Resources Enterprise, on its upcoming Hong Kong IPO, which is expected to raise up to $1 billion. Paul Hastings and Zhong Lun Law Firm are acting for the joint sponsors.