Arabian Centres Company’s US$1.9 Billion Refinancing Package

Clifford Chance, together with Abuhimed Alsheikh Alhagbani Law Firm, have advised the joint lead managers and lenders on a U.S.$1.9 billion refinancing package for Arabian Centres Company.

The refinancing comprised of

(i) a Reg S/144A issuance of U.S.$500,000,000 Trust Certificates due 2024 (the “Sukuk”) and (ii) U.S.$1,400,000,000 (or the equivalent in SAR) term Ijara and Murabaha facilities and a revolving Murabaha facility (together, the “Facilities”). Arabian Centres Company is the leading owner, developer and operator of shopping malls in Saudi Arabia, and the Sukuk issuance marks their debut international debt capital markets transaction.

Goldman Sachs International, HSBC Bank plc, Credit Suisse Securities (Europe) Limited, Emirates NBD Bank PJSC, Mashreqbank psc, Samba Capital and Investment Management Company and Warba Bank K.S.C.P acted as joint lead managers on the Sukuk, with Goldman Sachs International, Samba Financial Group, The Saudi British Bank, Abu Dhabi Commercial Bank PJSC, The National Commercial Bank, Arab National Bank, Al Rajhi Banking and Investment Corporation and Mashreq Al Islami, Islamic Banking Division of Mashreqbank PSC, acting as lenders under the Facilities.

The Clifford Chance team was led by Michael Dakin (Picture), Qudeer Latif (partner, Dubai), Deborah Walker (partner, Dubai) and Stuart Ure (partner, Dubai), alongside AS&H partner Yasser Al-Hussain.

Involved fees earner: Yasser Al-Hussain – Clifford Chance; Michael Dakin – Clifford Chance; Qudeer Latif – Clifford Chance; Stuart Ure – Clifford Chance; Debbie Walker – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Credit Suisse Securities Limited (Europe) Limited; Emirates NBD Bank PJSC; Goldman Sachs International; Hsbc Bank plc; Mashreqbank; Samba Capital; Warba Bank KSCP;