Latham & Watkins advised the Managers in relation to an Ijara sukuk issuance by Saudi Electricity Global SUKUK Company (a wholly-owned SPV of Saudi Electricity Company). The sukuk was issued in two tranches, for the amount of $500 million due 2017 and $1.25 billion due 2022 respectively.
The Lead Managers for the sukuk were HSBC Bank plc and Deutsche Bank AG, London Branch, with Co-Manager Mitsubishi UFJ Securities International. This sukuk was the first international sukuk issuance by Saudi Electricity Company. It is the largest international sukuk issuance in the region and was ten times oversubscribed.
The Latham & Watkins team was led by partners Mohammed Al-Sheikh in Riyadh and Craig Nethercott in Dubai/London, with counsel Dipti Thakar in Dubai and associates Harj Rai and Mahmoud Abdel-Baky in Riyadh.
Previously, Latham & Watkins advised the Finance Parties in relation to a USD 1,400,000,000 Export Credit Agency facility for Saudi Electricity Company.
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