31 May 2011
Clifford Chance advises a group of Saudi banks in connection with an Islamic bridge financing
Clifford Chance recently advised Banque Saudi Fransi, Samba Financial Group and the Saudi British Bank as financiers (the "Financiers") in connection with an Islamic bridge financing for the Saudi Acrylic Monomer Company ("SAMCO") and Saudi Acrylic Acid Company ("SAAC") (together the "Sponsors"). The Islamic bridge financing consisted of the following facilities:
- SAR1,518,750,000 Murabaha Facility Agreement to SAMCO; and
- SAR675,000,000 Murabaha Facility Agreement to SAAC.
The Islamic bridge financing is for the purpose of developing an integrated acrylates complex (the "Project") located in Jubail Industrial City in the Kingdom of Saudi Arabia.
Clifford Chance Partner Mohamed Hamra-Krouha comments: "We are delighted to be associated with this transaction which is an important milestone for the integrated acrylates complex".
The English counsel for the Financiers was the UAE offices of Clifford Chance. The Clifford Chance team was led by Mohamed Hamra-Krouha, partner in Abu Dhabi, and supported by associates Shauaib Mirza, Anna Grover, Zara Asif and Abdullah Al-Mosa in Dubai. The Financiers' Dutch and Saudi counsels were Clifford Chance Amsterdam and Al-Jadaan & Partners Law Firm, respectively. The Sponsors' English and Saudi counsels were Linklaters and Hatem Abbas Ghazzawi & Co., respectively. HSBC Saudi Arabia Limited acted as the financial advisor to the sponsors.