Baker & McKenzie recently acted for the Saudi Binladin Group in relation to a SAR 1.3 billion (US$347 million) sukuk al-ijara issued by SBG Sukuk Limited as an exempt offering in the Kingdom of Saudi Arabia. The innovative sukuk structure benefits from security over prime real estate in Jeddah as well as a corporate guarantee from the Saudi Binladin Group.
The Baker & McKenzie team was led by Partner Bilal Kahlon, who commented,“We are very pleased to have, once again, assisted the Saudi Binladin Group on their Sukuk issuance. The structure adopted for the issuance was particularly complex and innovative, setting a new standard for the Saudi debt capital market.”
Bilal Kahlon was supported by Partner Dr. Nasser Al Faraj and Associate Nezar Al Abbas.
Saudi Fransi Capital Limited, the Saudi affiliate of Crédit Agricole Corporate and Investment Bank, was appointed as lead manager in relation to the transaction and was represented by Clifford Chance and its Saudi associated firm Al-Jadaan and Partners. Walkers acted as legal adviser to SBG Sukuk Limited in relation to the laws of the British Virgin Islands.
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