Saudi Aramco’s $12 Billion Notes Offering

Latham & Watkins, in cooperation with the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia, has advised the underwriters on the establishment of Saudi Aramco’s Rule 144A/Regulation S Global Medium Term Note Programme and the issuance of notes thereunder.

The landmark transaction represents Saudi Aramco’s debut international bond issuance.

The issuance comprised five tranches: US$1 billion 2.750% notes due 2022; US$2 billion 2.875% notes due 2024; US$3 billion 3.500% notes due 2029; US$3 billion 4.250% notes due 2039; and US$3 billion 4.375% notes due 2049. The notes, rated A1 by Moody’s and A+ by Fitch, were listed on the London Stock Exchange.

J.P. Morgan and Morgan Stanley acted as programme arrangers and dealers as well as joint global coordinators and joint bookrunners in respect of the issuance. Citigroup, Goldman Sachs International, HSBC, and NCB Capital acted as programme dealers as well as joint bookrunners in respect of the issuance. Bank of China, BNP Paribas, Crédit Agricole CIB, Deutsche Bank, GIB Capital, Mizuho Securities, RBC Capital Markets, Samba Capital, SMBC Nikko, Société Générale, and Standard Chartered Bank acted as co-managers in respect of the issuance.

Latham & Watkins advised the underwriters with a team led by London partner Craig Nethercott (Picture) and Dubai partner Nomaan Raja, with Washington, D.C., partner Alex Cohen, London partner Jennifer Engelhardt, and Dubai counsel Basil Al-Jafari, together with Dubai associate Brian O’Leary and London Associate Neha Siddiqui. Advice was also provided on tax matters by New York partner Bora Bozkurt with associate Lea Li. The Law Office of Salman M. Al-Sudairi team was led by Riyadh partner Salman Al-Sudairi, with associates Homam Khoshaim and Najla Al-Gadi.

Involved fees earner: Najla Al-Gadi – Latham & Watkins; Basil Al-Jafari – Latham & Watkins; Salman Al-Sudairi – Latham & Watkins; Bora Bozkurt – Latham & Watkins; Alexander Cohen – Latham & Watkins; Jennifer Engelhardt – Latham & Watkins; Homam Khoshaim – Latham & Watkins; Lea Li – Latham & Watkins; Neha Siddiqui – Latham & Watkins; Craig Nethercott – Latham & Watkins; Brian O’Leary – Latham & Watkins; Nomaan Raja – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Bank of China; BNP Paribas; Citigroup Inc.; Crédit Agricole Corporate and Investment Bank; Deutsche Bank; GIB Capital; Goldman Sachs International; HSBC; J.P. Morgan Securities LLC; Mizuho Securities; Morgan Stanley; NCB Capital; RBC Capital Markets; Samba Capital; Smbc Nikko Capital Markets Limited; Société Générale; Standard Chartered Bank;

Author: Michael Patrini.