Global law firm White & Case LLP has represented China Development Bank (CDB) and Industrial and Commercial Bank of China (ICBC) with respect to their participation in the USD 800 million senior secured term loan facility and the SAR 3.969 billion (approximately equivalent to USD 1.06 billion) advance payment guarantee facility which, together, make up project facilities supporting Saudi Oger Ltd’s financing of the King Abdullah Project 2, which the company is completing for the Saudi Ministry of Interior in the Kingdom of Saudi Arabia.
The transaction is split into two facilities. The first is a USD 800 million senior secured term loan, the second a SAR 3.969 billion advance payment guarantee (APG).
CDB is acting as one of three initial mandated lead arrangers and bookrunners for both the term loan and APG facility and ICBC is acting as mandated lead arranger for the term loan facility. The arranging group of banks includes institutions from Europe, the Middle East and China.
Commenting on the transaction, Hong Kong-based White & Case partner John Shum said: "This transaction is interesting both for its value and its global nature, bringing together financial institutions from all over the world. It is also representative of our regional strengths in China and the Middle East. We are of course very pleased to be acting for CDB and ICBC in this significant financing to one of their key clients".
The work was led by partner John Shum from Hong Kong. He was supported by partners Dr Waleed Al-Nuwaiser and Euan Pinkerton from the Firm's Riyadh office as well as by associates David Li and Normalitha Kwan (Hong Kong) and Jihad Turkistani, Hamad Al-Hoshan and Mohammad Alawadh (Riyadh).
Notes to editors
The project facilities, entered into in May 2011 initially by Deutsche Bank AG, (acting through its Riyadh and London branches), included CDB, Deutsche Bank AG (acting through its London and Riyadh branches) and Emirates Bank NBC (PJSC), each acting as an initial mandated lead arranger and bookrunner for both the term loan facility and the APG facility.
ICBC is acting as mandated lead arranger for the term loan facility and NATIXIS Dubai Branch is acting as mandated lead arranger for the project facilities. Al Hilal Bank and Barclays Capital have joined the group as lead arrangers for the APG facility.
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