Clifford Chance

Clifford Chance advises a syndicate of Spanish banks

Clifford Chance advises the syndicate of Spanish banks on the extension of the maturity dates for bank guarantees to the winning Spanish consortium for the high-speed rail link from Medina to Mecca

The international firm Clifford Chance has advised a syndicate of Spanish banks on the extension of the maturity dates for bank guarantees to the Spanish consortium awarded the contract for the Haramain High Speed Rail Project in Saudi Arabia.

Clifford Chance advised the syndicate of Spanish banks in negotiations with the Spanish consortium of companies, and with the Saudi bank issuing the bank guarantees in Saudi Arabia, using a multijurisdictional team coordinated from Madrid and led by José Guardo, who heads the Banking and Finance practice area.

The project is for the construction of the high-speed rail link between the cities of Mecca and Medina (in the Kingdom of Saudi Arabia). The link will cover a distance of 450 km with two tracks for trains running at speeds of up to 320 km/h.

Clifford Chance's team

Clifford Chance's multijurisdictional team advising on the transaction was composed of José Guardo, Head Partner of the Banking and Finance practice area, and the associates James Rodier, Alejandro León and Juan Puras.

Spanish bank syndicate

The bank syndicate is composed of BBVA, Banco Santander, Banco de Sabadell, Crédit Agricole, CaixaBank and Deutsche Bank.

Spanish-Saudi consortium of companies

The Spanish-Saudi consortium of companies, Al Shoula, is composed of the Spanish companies Renfe-Operadora, Adif, Talgo, Indra, Cobra (ACS Group), OHL, Copasa, Siemens Rail Automation Inabensa, Imathia, Consultrans and Ineco, in addition to the Saudi companies Al-Shoula and Al Rosan.