Clifford Chance

Clifford Chance and AS&H advise on a US$1.9 billion refinancing package for Arabian Centres Company

International law firm Clifford Chance, together with Abuhimed Alsheikh Alhagbani Law Firm ("AS&H"), have advised the joint lead managers and lenders on a U.S.$1.9 billion refinancing package for Arabian Centres Company, consisting of a sukuk issuance and Islamic banking facilities.

A team across our Dubai, London and Riyadh offices jointly advised on the landmark U.S.$1.9 billion refinancing package for Arabian Centres Company, which comprised of (i) a Reg S/144A issuance of U.S.$500,000,000 Trust Certificates due 2024 (the "Sukuk") and (ii) U.S.$1,400,000,000 (or the equivalent in SAR) term Ijara and Murabaha facilities and a revolving Murabaha facility (together, the "Facilities"). Arabian Centres Company is the leading owner, developer and operator of shopping malls in Saudi Arabia, and the Sukuk issuance marks their debut international debt capital markets transaction.

Goldman Sachs International, HSBC Bank plc, Credit Suisse Securities (Europe) Limited, Emirates NBD Bank PJSC, Mashreqbank psc, Samba Capital and Investment Management Company and Warba Bank K.S.C.P acted as joint lead managers on the Sukuk, with Goldman Sachs International, Samba Financial Group, The Saudi British Bank, Abu Dhabi Commercial Bank PJSC, The National Commercial Bank, Arab National Bank, Al Rajhi Banking and Investment Corporation and Mashreq Al Islami, Islamic Banking Division of Mashreqbank PSC, acting as lenders under the Facilities.

Commenting on the deal, partner Stuart Ure said: "We are delighted to have supported Arabian Centres Company on their debut issuance in the international capital markets and successful implementation of their refinancing strategy. It is a testament to the company, its management and all stakeholders that the transactions were completed within a small market window".

The Clifford Chance and AS&H teams continue to advise on some of Saudi Arabia's most prominent deals, including Arabian Centres Company's IPO and Saudi Telecom Company's debut international sukuk issuance in 2019.

The Clifford Chance team was led by Michael Dakin (partner, London), Qudeer Latif (partner, Dubai), Deborah Walker (partner, Dubai), Stuart Ure (partner, Dubai), and Clara Gold (senior associate, Dubai), alongside AS&H partner Yasser Al-Hussain.