The credit facility agreement and associated documents for this transaction were executed in Jeddah, Saudi Arabia.
The financing is the first transaction in which the export credit agency Atradius Dutch State Business N.V. has provided comprehensive insurance coverage on a loan to a Saudi Arabian company.
Cutter suction dredgers are used primarily for capital dredging and land reclamation projects. The dredger to be built for Huta will be used primarily in the development of large-scale coastal projects in the Kingdom of Saudi Arabia, which have been increasing sharply in recent years.
The King & Spalding legal team on the transaction was led by Patrick Campos, of the firm's Dubai office, with assistance from Robin Balmer, of the London office, and Mohammad Al-Ammar, of the Law Office of Mohammad Al-Ammar (in association with King & Spalding) in Riyadh, Saudi Arabia.
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King & Spalding represents international lenders in USD100 million Saudi Arabia ship financing deal
- United Arab Emirates: Saturday, July 07 - 2007 at 11:34
- PRESS RELEASE
King & Spalding, a leading international law firm, announced that it is representing ABN AMRO Bank N.V. and Saudi Hollandi Bank in connection with a USD 100 million financing of the purchase of a cutter suction dredger by Huta Marine Works Limited from Dutch shipbuilder IHC Holland Beaver Dredgers B.V.
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About King & SpaldingKing & Spalding is an international law firm with more than 800 lawyers in Atlanta, Houston, London, New York, Riyadh (affiliated office) and Washington, D.C. The firm represents half of the Fortune 100, and in a Corporate Counsel survey in August 2006 ranked as one of the top ten firms representing Fortune 250 companies overall.
Posted by Lara Lynn Golden, News EditorSaturday, July 07 - 2007 at 11:34 UAE local time (GMT+4)
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