Clifford Chance advises on Binladin financing
Dubai, July 17, 2013
Law firms Clifford Chance and Al-Jadaan & Partners acted as the legal adviser on the Saudi Binladin Group’s (SBG) financing for the King Abdulaziz International Airport.
BNP Paribas Investment Company Saudi Arabia and GIB Capital acted as joint lead managers and bookrunners on the financing by SBG Sukuk through the issuance of its fourth short-term sukuk al-murabaha, guaranteed by SBG.
The financing is part of an approximately SR12 billion ($3.1 billion) finance for one of the phases of construction and development of the airport. The sukuk has a maturity of 364 days and pays a profit rate of 2.5 per cent per annum, said a statement.
Saudi Fransi Capital (SFC) acted as payments administrator and sukukholders’ agent. Gulf International Bank (Riyadh Branch) acted as the onshore security agent in respect of the shared security structure, to which sukukholders will, in certain circumstances, have recourse, and which is regulated by a complicated inter-creditor arrangement whereby the sukukholders and bank facilities participants regulate the sharing of the security package.
The Clifford Chance Dubai based team advised BNP Paribas and GIB Capital on the transaction.
Baker & McKenzie acted as legal adviser to SBG while Walkers acted as legal adviser to SBG Sukuk. - TradeArabia News Service