Clifford Chance advises on the financing of a $5.01bn aluminium smelter project developed by Ma'aden Aluminium Company
- Saudi Arabia: Wednesday, December 08 - 2010 at 14:43
- PRESS RELEASE
Clifford Chance and Al-Jadaan & Partners Law Firm have advised the financiers on the financing of a $5.01bn aluminium smelter plant, casthouse and related infrastructure forming part of what will be the largest fully integrated aluminium complex in the world and will be located at Ras Az Zawr in Saudi Arabia.
The total amount of the multi-sourced financing for the project will be US$3.256 billion and comprises an Islamic Ijara facility (including separate Riyal and US dollar tranches), an Islamic Wakala facility (including separate Riyal and US dollar tranches), a commercial facility, a facility to be provided by the Public Investment Fund of Saudi Arabia and a facility to be provided by the Saudi Industrial Development Fund.
Clifford Chance acting through its offices in Frankfurt, Dubai and Paris and Al-Jadaan & Partners Law Firm acted for the financing group, comprising Islamic and commercial banks / financial institutions led by a set of mandated lead arrangers which included Al Rajhi Banking & Investment Corporation, Alinma Bank, Arab National Bank, Arab Petroleum Investments Corporation (APICORP), Bank AlJazira, Banque Saudi Fransi, BNP Paribas, Emirates NBD, Export Development Canada, Riyad Bank, Samba Financial Group, Saudi Hollandi Bank, Standard Chartered Bank (Hong Kong) Limited, The National Commercial Bank and The Saudi British Bank. Banque Saudi Fransi acted as documentation bank.
The Clifford Chance team was led by partner Edmund Boyo (Frankfurt) who was assisted by partners Qudeer Latif (Dubai) and Nicholas Wong (Paris). The core team comprised Matthew Meyerink (senior associate, Frankfurt), Paul McViety (counsel, Dubai) and Debra Counsell (Of Counsel, Paris). The wider team included: Craig Dale, Michael Gibling, Anna Thwaites (each based in Frankfurt); Richard Parris (partner), Sandy Hall (counsel), Katja Fenton, Benjamin Goss, Shauaib Mirza and Cheuk-Yin Cheung (each based in Dubai); and Corinne Duvnjak (Paris). The Al-Jadaan team was led by Mohammed Al-Jadaan (partner), Abdulaziz Al-Abduljabbar (partner) and Riyadh-based Clifford Chance partner, Mohamed Hamra-Krouha, with support from partner Khalid Al-Abdulkareem (partner) and associates Fahad Abuhimed, Yasser Alhussain and Nader Alharbi.
The sponsors, through Ma'aden Rolling Company (MRC), will also develop a US$2.52 billion aluminium rolling mill project, that will be located adjacent to the smelter. The rolling mill will be the first to be constructed in the GCC. The same teams from Clifford Chance and Al-Jadaan & Partners Law Firm advised on that financing in parallel with the financing of the aluminium smelter project.
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.