Practice Areas - Debt Capital Markets Law Firms and Lawyers
| Deal Date: | 20-11-2014 | Practice Area: | Debt Capital Markets |
| Deal Title: | Advanced Petrochemical Company Sukuk Issuance | Industry: | Pharmaceuticals & Biotechnology |
| Description: |
Clifford Chance advised Advanced Petrochemical Company on its debut sukuk issuance. The sukuk was issued with a face value of SAR1 billion, with a floating rate coupon linked to SAIBOR and a maturity of 5 years.
The sukuk was offered on a private placement basis to sophisticated investors resident in the Kingdom of Saudi Arabia. Reflecting the financial strength of Advanced, investor confidence yielded an order book 2.4 times oversubscribed.
HSBC Saudi Arabia Limited and Riyadh Capital Company acted as the Joint Lead Managers and Bookrunners for the transaction, with HSBC Saudi Arabia Limited acting as Payment Administrator and Riyadh Capital Company acting as Sukukholders' Agent.
The Clifford Chance team advising Advanced was Stuart Ure (Partner, Capital Markets) and Rhona Byrne (Senior Associate, Capital Markets) in Dubai, and Olufunlola Kolawole Balogun (Senior Associate, Finance) and Mansoor Al Hagbani (Senior Associate, Finance) in Riyadh.
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| Financial Center: | Dubai | Value: | 100.01-500.00 |
| Advised Party: | Issuer | Law Firm | Clifford Chance |
| Issuer Jurisdiction | Saudi Arabia | Listing Jurisdiction | UAE |
| Classification: |
Islamic Finance Islamic Finance Bonds and Sukuk Murabaha: |
Lawyer | Stuart Ure |
