Global law firm White & Case LLP has advised Citibank as Bond Trustee, Paying Agent, Registrar, Offshore Security Agent and Coordination Agent on the issuance of a US$814 million bond with a 22 year maturity by ACWA Power Management and Investments One Limited, a wholly-owned subsidiary of ACWA Power.
The Firm also advised Arab National Bank in its capacity as Onshore Security Agent, holding security in the Kingdom of Saudi Arabia.
The transaction is the first ever investment grade private sector issuance from the Kingdom of Saudi Arabia since the government's inaugural US$17.5 billion debt issuance in October 2016, a ground-breaking transaction on which White & Case also advised. It is expected that this issuance will lay the groundwork for further international issuances by large corporates and government-related entities in the Saudi market.
Saudi Arabia based ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 11 countries including in the Middle East and North Africa, southern Africa and South East Asia.
An international team of White & Case lawyers together with White & Case's association firm in Riyadh, The Law Firm of AlSalloum and AlToaimi, advised on all aspects of the transaction. The team was led by counsel Claudio Medeossi (Dubai) and associate Greg Pospodinis (Dubai), with support from association partner Zeyad Al Salloum (Riyadh).
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