Saudi Aramco’s $8 Billion Notes Offering

White & Case LLP and the Law Office of Megren M. Al-Shaalan have advised the Saudi Arabian Oil Company (Saudi Aramco) on the deal, while Latham & Watkins and the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia have advised the arrangers and dealers.

Saudi Arabian Oil Company (Saudi Aramco) completed the update to its Rule 144A/Regulation S Global Medium Term Note Programme (the “Programme”) and the issuance of US$8 billion of notes thereunder. The landmark transaction is Saudi Aramco’s second international bond issuance.

The issuance comprised five tranches of notes: US$500 million 1.250% notes due 2023; US$1 billion 1.625% notes due 2025; US$2 billion 2.250% notes due 2030; US$2.25 billion 3.250% notes due 2050; and US$2.25 billion 3.500% notes due 2070. The Programme has been assigned a rating of A1 by Moody’s and A by Fitch. The notes are admitted to trading on the London Stock Exchange’s Regulated Market and listed on the Official List of the Financial Conduct Authority.

J.P. Morgan and Morgan Stanley acted as Programme arrangers and dealers as well as active joint bookrunners in respect of the issuance; Citigroup, Goldman Sachs International, HSBC, and NCB Capital acted as Programme dealers as well as active joint bookrunners in respect of the issuance, and BNP Paribas, BOC International, BofA Securities, Crédit Agricole CIB, First Abu Dhabi Bank, Mizuho, MUFG, SMBC Nikko, and Société Générale acted as passive joint bookrunners in respect of the issuance.

The White & Case Capital Markets team that led the transaction included partners Gary Kashar (New York; Picture) and Stuart Matty (London), associate Joseph Kalis (New York), and counsel Catherine Andrews and associate Jessica Oliver (both in London). Other key team members included partners Clark Wohlferd (New York) and Sami Al-Louzi (Dubai), and associates Taryn Zucker and Rebecca Hughes (New York), Ibrahim Soumrany (London), and James Langlois (Houston). The Law Office of Megren M. Al-Shaalan team in Riyadh was led by managing partner Megren Al-Shaalan and partner Ivan Paskal and included local partner Ibrahim Bakhurji and associate Nawaaf Alawaad.

Latham advised arrangers and dealers on non-Saudi law matters with a team led by London partner Craig Nethercott, Dubai partner Nomaan Raja, and Washington, D.C. partner Alex Cohen, with Dubai counsel Basil Al-Jafari and associate Matt Oliver, London associate Neha Siddiqui, and Singapore associate Priyanka Mehta. New York partner Bora Bozkurt with associate Lea Li advised on US tax matters.

The Law Office of Salman M. Al-Sudairi advised arrangers and dealers on Saudi law matters, with a team led by Principal Salman M. Al-Sudairi with counsel Amar Meher and associate Mashal Al-Assaf.

Involved fees earner: Mashal Al-Assaf – Latham & Watkins; Basil Al-Jafari – Latham & Watkins; Salman Al-Sudairi – Latham & Watkins; Bora Bozkurt – Latham & Watkins; Alexander Cohen – Latham & Watkins; Lea Li – Latham & Watkins; Amar Meher – Latham & Watkins; Priyanka Mehta – Latham & Watkins; Neha Siddiqui – Latham & Watkins; Craig Nethercott – Latham & Watkins; Matthew Oliver – Latham & Watkins; Nomaan Raja – Latham & Watkins; Sami Al-Louzi – White & Case; Megren Al-Shaalan – White & Case; Nawaaf Alawaad – White & Case; Catherine Andrews – White & Case; Ibrahim Bakhurji – White & Case; Rebecca Hughes – White & Case; Joseph Kalis – White & Case; Gary Kashar – White & Case; James Langlois – White & Case; Stuart Matty – White & Case; Jessica Oliver – White & Case; Ivan Paskal – White & Case; Ibrahim Soumrany – White & Case; Clark Wohlferd – White & Case; Taryn Zucker – White & Case;

Law Firms: Latham & Watkins; White & Case;

Clients: Bank of America Securities; BNP Paribas; BOC International; Citigroup Global Markets Ltd; Crédit Agricole Corporate and Investment Bank; First Abu Dhabi Bank PJSC; Goldman Sachs International; HSBC; J.P. Morgan Securities LLC; Mizuho; Morgan Stanley; MUFG; NCB Capital; Saudi Aramco; Smbc Nikko Capital Markets Limited; Société Générale;

Author: Ambrogio Visconti