White & Case and The Law Office of Megren M. Al-Shaalan advise SRC on programme limit increase and issuance of SAR 3 billion guaranteed sukuk
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Global law firm White & Case LLP and the Law Office of Megren M. Al-Shaalan have advised Saudi Real Estate Refinance Company (SRC) on the increase of its programme limit from SAR 10 billion to SAR 20 billion and issuance of SAR 3 billion (US$798 million) sukuk guaranteed by the Ministry of Finance of the Kingdom of Saudi Arabia under its SAR 20 billion domestic sukuk programme.
"SRC continues to contribute to the Kingdom's Vision 2030, making access to mortgages affordable to Saudi citizens and once again conveying its prominence as an established issuer in the Saudi domestic market," said White & Case partner Debashis Dey, who led the Firm's deal team.
The sukuk has a tenor of ten years and was offered as a private placement to Saudi institutional and qualified investors. The drawdown marks the issuance of the fifth series under SRC's domestic programme and follows the SAR 4 billion guaranteed sukuk issuance in April 2022. Aljazira Capital, Al Rajhi Capital Company, HSBC Saudi Arabia, Riyad Capital and SNB Capital Company acted as joint lead managers.
SRC is wholly-owned by the Public Investment Fund of the Kingdom of Saudi Arabia and was established with the objectives of supporting the national agenda of increasing home ownership amongst Saudi citizens and promoting the development of the Saudi housing finance market.
The White & Case team that advised on the transaction was led by partner Debashis Dey (Dubai & London) and included counsel Xuan Jin (Hong Kong & Dubai) and associates Eren Ayanlar and Ghislaino Kamdo (both Dubai). The Law Office of Megren M. Al-Shaalan team in Riyadh was led by partner Megren Al-Shaalan and included local partner Waad Alkurini and associate Nezar Al Abbas.
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