Aug 08 2012
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Clifford Chance advises on Saudi Binladin Group short-term sukuk
Following last year's success, Saudi Binladin Group Limited's third short-term SAR1,000,000,000 guaranteed sukuk has again attracted a high level of demand. The sukuk has a maturity of 364 days and pays a profit rate of 2.5 per cent. per annum.
HSBC Saudi Arabia acted as the sole Lead Manager and Bookrunner for the transaction and also acted as Payments Administrator and Sukukholders' Agent. HSBC Amanah acted as the Shariah Advisor. The Saudi British Bank ("SABB") acted as the Security Agent in respect of the security structure, which is regulated by an intercreditor arrangement.
1. The capital markets practice comprises over 422 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres. The combination of local knowledge with an international perspective enables us to provide practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.
2. Clifford Chance is one of the world's leading law firms, helping clients achieve their goals by combining the highest global standards with local expertise. The Firm has unrivalled scale and depth of legal resources across the four key markets of the Middle East, Europe, Asia and the Americas, and focuses on the core areas of commercial activity: capital markets; corporate and M&A; finance and banking; real estate; tax; pensions and employment; litigation and dispute resolution. Clifford Chance has 34 offices in 24 countries with some 3,200 legal advisers.
3. Clifford Chance has a co-operation agreement with Al-Jadaan and Partners Law Firm, the pre-eminent firm in Saudi, with nine lawyers and one partner on secondment. Al-Jadaan were recognised as "Saudi Arabian Law Firm of the Year " in 2006, 2007, 2008, 2009, 2010 and 2011 by the IFLR.
For further information about Clifford Chance see www.cliffordchance.com
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