The project financing includes the largest Islamic Ijara facility ever provided in a project financing, an Islamic Murabaha working capital facility (provided by Al Rajhi Banking & Investment Corporation), export credit facilities from ECGD, KEXIM, KEIC and SACE, a commercial facility and a facility provided by the Public Investment Fund of Saudi Arabia.
The bookrunners were Arab Banking Corporation (ABC), BNP Paribas, Samba Financial, ABN AMRO and HSBC.
The project company, Saudi Kayan, is owned by SABIC (35%), Al Kayan Petrochemical Company (20%) and the Saudi public (45%).
Clifford Chance and Al-Jadaan & Partners Law Firm also acted for SABIC and Saudi Kayan on a %$1.8bn IPO in 2007 (the second largest IPO undertaken in the Kingdom).
The Clifford Chance team was lead by Nicholas Wong and Edmund Boyo and included Matthew Meyerink, Alexis Hawkins and Susan Kelly (Frankfurt), supported by partner Simon Clinton, partner Qudeer Latif, Nick Watson, Mohammad Al Rashid (Dubai) as well as Edward Bretherton, Robin Brown and Joanna Lilley (London).
The Al Jadaan team was lead by Mohammed Al Jadaan and included Abdulaziz Al-Abduljabbar, Mohamed Hamra-Krouha, Philip Yip, Sherroy Ong and Dr. Fahad Abuhaimid.
Nicholas Wong commented "This is one of the largest multi-sourced project financings ever to be done and has many unique and market leading features.
Given the market turbulence and the challenging construction market, it is a tribute to SABIC's long term investment strategy and desire to diversify its product slate that this transaction was signed today.
We were delighted to have acted for SABIC and Saudi Kayan and we wish the project every success."
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Clifford Chance and Al-Jadaan & Partners advise on the world's largest integrated petrochemical complex
- Saudi Arabia: Tuesday, June 03 - 2008 at 14:01
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Clifford Chance and Al-Jadaan & Partners Law Firm have advised SABIC and Saudi Kayan on the successful signing of a $6bn financing package for the development of a $10bn petrochemical complex to be built at Jubail Industrial City, Saudi Arabia.
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Posted by Lara Lynn Golden, News EditorTuesday, June 03 - 2008 at 14:01 UAE local time (GMT+4)
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1. Clifford Chance has a leading energy, infrastructure and projects practice and we are currently ranked No. 1 in the Dealogic project finance league tables by number of deals (1st Quarter 2008).
2. The global team has received a number of high profile awards over the last year which highlight the strength and depth of our practice including:
· Global Legal Adviser of the Year by Project Finance International Journal in its Annual Legal Report released in November 2007 (for the third year running). The survey, which only takes into account project finance deals worth more than US$ 500 million, also places Clifford Chance No. 1 Law firm for Europe, Middle East and Africa for 2006/7 and No. 1 Global Law Firm for projects completed since the survey first began in 1998.
· European Project Finance Team and Deal of the Year from IFLR Europe Awards 2008 (Babcock & Brown Global Wind Farm Refinancing).
· Deals that we advised on in 2008 have, to date, won 20 "Deal of the Year" awards (from journals such as Project Finance International, Infrastructure Journal and Project Finance magazine).
· Top Level Rankings for Oil & Gas, Petrochemicals, Power, Water/Waste/Utilities, PFI/PPP, Mining and Metals and Telecoms from sponsors and bankers in Project Finance Magazine's latest market survey (September 2007).
3. Clifford Chance is one of the world's leading law firms, helping clients achieve their goals by combining the highest global standards with local expertise. The firm has unrivalled scale and depth of legal resources across the key markets of the Middle East, Americas, Asia and Europe and focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax; pensions and employment; litigation and dispute resolution. Clifford Chance has 28 offices in 21 countries and 3,800 legal advisers.
4. Clifford Chance achieved the highest number of top tier rankings of any firm in the Chambers Global 2008 Directory, cited in 20 international tables. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
For further information about Clifford Chance see www.cliffordchance.com
For further information about this release contact Kara Quinn on +44 (0)20 7006 2738
2. The global team has received a number of high profile awards over the last year which highlight the strength and depth of our practice including:
· Global Legal Adviser of the Year by Project Finance International Journal in its Annual Legal Report released in November 2007 (for the third year running). The survey, which only takes into account project finance deals worth more than US$ 500 million, also places Clifford Chance No. 1 Law firm for Europe, Middle East and Africa for 2006/7 and No. 1 Global Law Firm for projects completed since the survey first began in 1998.
· European Project Finance Team and Deal of the Year from IFLR Europe Awards 2008 (Babcock & Brown Global Wind Farm Refinancing).
· Deals that we advised on in 2008 have, to date, won 20 "Deal of the Year" awards (from journals such as Project Finance International, Infrastructure Journal and Project Finance magazine).
· Top Level Rankings for Oil & Gas, Petrochemicals, Power, Water/Waste/Utilities, PFI/PPP, Mining and Metals and Telecoms from sponsors and bankers in Project Finance Magazine's latest market survey (September 2007).
3. Clifford Chance is one of the world's leading law firms, helping clients achieve their goals by combining the highest global standards with local expertise. The firm has unrivalled scale and depth of legal resources across the key markets of the Middle East, Americas, Asia and Europe and focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax; pensions and employment; litigation and dispute resolution. Clifford Chance has 28 offices in 21 countries and 3,800 legal advisers.
4. Clifford Chance achieved the highest number of top tier rankings of any firm in the Chambers Global 2008 Directory, cited in 20 international tables. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
For further information about Clifford Chance see www.cliffordchance.com
For further information about this release contact Kara Quinn on +44 (0)20 7006 2738
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