SEC is the primary supplier of electricity, and the fourth largest company by asset value, in Saudi Arabia. HSBC Saudi Arabia Limited acted as the sole lead manager.
SEC's sukuk issue was publicly offered in Saudi Arabia and is the largest sukuk or bond issuance issue by a Saudi Arabian entity to date. It follows last year's SAR 3 billion Sukuk issue by Saudi Basic Industries Corporation (SABIC) on which Clifford Chance and Al-Jadaan Law Firm also advised HSBC.
Clifford Chance's core team consisted of London partner Andrew Coats, supported by associate Deborah Christian. Mohammed Al-Jadaan led the team at Al-Jadaan Law Firm. SEC was advised by Baker & McKenzie.
Andrew Coats said, "This is a ground-breaking transaction, not only in terms of size, but in terms of transaction structure, with the sukuk assets consisting of SEC's meter reading and maintenance tariffs relating to a specified pool of electricity meters".
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Clifford Chance advises on largest Saudi Arabian Sukuk issue
- Saudi Arabia: Thursday, July 26 - 2007 at 15:57
- PRESS RELEASE
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Global law firm Clifford Chance and its associated Saudi Arabian firm, Al-Jadaan Law Firm, advised HSBC Saudi Arabia Limited on Saudi Electric Company's (SEC) issue of SAR 5 billion Sukuk Expiring 2027.
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Posted by Anne-Birte Stensgaard, Senior News EditorThursday, July 26 - 2007 at 15:57 UAE local time (GMT+4)
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1.
Finance: The firm has the world's largest international finance practice with approximately 719 partners and lawyers located in major financial and commercial centres worldwide. The practice provides advice across the full spectrum of financial products including bank lending, acquisition finance, asset finance, derivatives, project finance, restructuring and insolvency and structured finance.
Clifford Chance is the first firm to bring together lawyers in Europe, the Americas and Asia to advise on national and international regulatory issues and the relationship between regulatory systems. It acts for all the world's leading investment and commercial banks across all major jurisdictions as well as many corporate businesses. The practice also advises regulatory authorities, supranational bodies, governments and government agencies.
Capital Markets: The capital markets practice comprises over 422 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres.
The combination of local knowledge with an international perspective enables us to provide practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.
Consistently ranked as the 'best legal practice for securitisation' by key commentators, the Clifford Chance International Securitisation Group is at the forefront of the securitisation markets across the world. The Group advises most of the leading market participants and provides an in-depth knowledge of complex issues relating to the securitisation of a broad spectrum of assets.
Our clients include issuers, originators, arrangers, managers, investors and other finance providers, trustees, rating agencies, monoline insurers and swap counterparties from a variety off industries including energy, transport, infrastructure projects, and real estate.
2.
Clifford Chance LLP is one of the world's leading professional service organisations, helping clients achieve their goals by combining the highest global standards of business and law with local specialist service. The firm is organised around six legal practice areas: capital markets; corporate (including M&A); finance; litigation and dispute resolution; real estate; and tax, pensions and employment law. Clifford Chance has 28 offices in 20 countries, and 3,800 legal advisers.
3.
Clifford Chance is Law Firm to the Rugby World Cup 2007.
For further information about this release contact Kalai Rajamanickam on +44 (0)20 7006 4578.
Finance: The firm has the world's largest international finance practice with approximately 719 partners and lawyers located in major financial and commercial centres worldwide. The practice provides advice across the full spectrum of financial products including bank lending, acquisition finance, asset finance, derivatives, project finance, restructuring and insolvency and structured finance.
Clifford Chance is the first firm to bring together lawyers in Europe, the Americas and Asia to advise on national and international regulatory issues and the relationship between regulatory systems. It acts for all the world's leading investment and commercial banks across all major jurisdictions as well as many corporate businesses. The practice also advises regulatory authorities, supranational bodies, governments and government agencies.
Capital Markets: The capital markets practice comprises over 422 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres.
The combination of local knowledge with an international perspective enables us to provide practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.
Consistently ranked as the 'best legal practice for securitisation' by key commentators, the Clifford Chance International Securitisation Group is at the forefront of the securitisation markets across the world. The Group advises most of the leading market participants and provides an in-depth knowledge of complex issues relating to the securitisation of a broad spectrum of assets.
Our clients include issuers, originators, arrangers, managers, investors and other finance providers, trustees, rating agencies, monoline insurers and swap counterparties from a variety off industries including energy, transport, infrastructure projects, and real estate.
2.
Clifford Chance LLP is one of the world's leading professional service organisations, helping clients achieve their goals by combining the highest global standards of business and law with local specialist service. The firm is organised around six legal practice areas: capital markets; corporate (including M&A); finance; litigation and dispute resolution; real estate; and tax, pensions and employment law. Clifford Chance has 28 offices in 20 countries, and 3,800 legal advisers.
3.
Clifford Chance is Law Firm to the Rugby World Cup 2007.
For further information about this release contact Kalai Rajamanickam on +44 (0)20 7006 4578.
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