White & Case Advises Saudi Aramco on US$10 Billion Revolving Credit Facilities
Global law firm White & Case LLP has advised Saudi Arabian Oil Company (Saudi Aramco) on its landmark US$10 billion revolving credit facilities.
The US$10 billion facilities replace the existing US$4 billion facilities, signed in 2010. The facilities are divided into two US dollar conventional tranches (in an aggregate value of US$7 billion) and two Saudi Riyal murabaha tranches (in an aggregate value of US$3 billion). The shari'ah compliant murabaha facilities represent the largest ever Saudi Riyal financing of its kind.
The negotiated terms and competitive pricing of the new facilities are indicative of Saudi Aramco's strong credit standing, and have set a new benchmark in the region, reflecting the global banking community's continuing confidence in Saudi Aramco and the Kingdom of Saudi Arabia.
White & Case advised Saudi Aramco on all aspects of this market-leading financing, including structuring, commercial launch, negotiation and drafting of the finance documents through to signing which occurred on 26 March 2015. The large bank syndicate contains 27 commercial banks drawn from across Asia, the Americas, Europe, and the Middle East.
The White & Case team advising Saudi Aramco was led by partner Tom Bartlett and assisted by associates Fern Han and Mark Andrews. Kristian Koziol and Andrew Coyne led Saudi Aramco's internal legal team.
This transaction builds on White & Case's recent representation of Saudi Aramco in the development and financing of the US$8 billion expansion of an existing, world-scale petroleum refining and petrochemicals complex in Rabigh, Saudi Arabia.
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