Complex Made Simple

ASAR – Al Ruwayeh & Partners acts as Kuwait legal counsel

Consortium of international, regional and Kuwaiti banks associated in KUFPEC’s USD 1.5 billion additional loan.

ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading corporate law firm, and one of the region’s top tier firms, has acted as Kuwait legal counsel to a consortium of international, regional and Kuwaiti banks.

All in relation to a USD$1.5 billion additional loan for Kuwait Foreign Petroleum Exploration Company (KUFPEC), from a syndicate of financial institutions led by, amongst others, HSBC Bank Middle East Limited, J.P. Morgan Limited, National Bank of Kuwait, The Bank of Tokyo-Mitsubishi UFJ, LTD, and The Royal Bank of Scotland PLC, all as Initial Mandated Lead Arrangers.

The additional loan falls under KUFPEC’s existing USD$1 billion five-year term loan facility which was initially announced in November 2014, raising the existing loan to USD$ 2.5 billion.

Rob Little, Counsel at ASAR said: “KUFPEC is one of Kuwait’s key pillars in the oil sector and one of the main contributors to the Kuwaiti national economy, therefore we take pride in representing a consortium of international, regional and Kuwaiti banks in such an important transaction. At ASAR, we strive to offer our clients, whether public or private bodies, with top tier legal services to assist them to achieve their corporate and business objectives. Being appointed on behalf of the consortium of international, regional and Kuwaiti banks under this transaction for the second time is indeed a testament of our capabilities in the area of banking and finance law.”

John Cunha, Partner at ASAR added: “Our expertise in this particular deal benchmarks the firms capabilities in assisting organizations and financial institutions in furthering their corporate and business strategies. Through our specialist legal expertise, we offer our clients bespoke legal advice that will assist them in achieving their corporate and business objectives. Today’s announcement further reinforces our leading position in advising global financial institutions and corporates.”

With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.

The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review (IFLR) and the Legal 500. In October 2014 ASAR won the “IFLR National Law Firm of the Year Award” and the “Project Finance Deal of the Year Award”. In addition, ASAR also won the prestigious “2014 Commercial Litigation Law Firm of the Year” and the “2014 Best Banking and Finance Legal Team –Kuwait” awards from Acquisition International Magazine in 2014. ASAR lawyers also received multiple awards under different categories in the Fourth Edition of “Best Lawyers” in Kuwait.