White & Case and The Law Office of Megren M. Al-Shaalan Advise Saudi Aramco on Its US$8 Billion Notes Issuance
2 min read
Global law firm White & Case LLP and the Law Office of Megren M. Al-Shaalan have advised the Saudi Arabian Oil Company (Saudi Aramco) on 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.
"We are delighted and are grateful for the opportunity to have advised Saudi Aramco, a longstanding and valued client, on their second international bond issuance," said White & Case partner Clark Wohlferd.
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.
White & Case partner Gary Kashar noted: "We are honored to have successfully supported Saudi Aramco in this strategically important issuance. The scale of this transaction reinforces White & Case’s strength and depth of experience in cross-border capital markets offerings."
White & Case partner Stuart Matty added: "The size and success of this issuance showcases White & Case’s unique capabilities in working in teams across multiple jurisdictions and on complex transactions in the debt markets."
The White & Case Capital Markets team that led the transaction included partners Gary Kashar (New York) 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.
White & Case previously advised Saudi Aramco on the establishment of the Programme and inaugural international bond issuance of US$12 billion thereunder in April 2019.
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