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Allen & Overy (A&O), Norton Rose and White & Case took lead roles in a billion-dollar Saudi Arabia deal that saw two Chinese banks provide funding.
White & Case acted for China Development Bank (CDB) and Industrial and Commercial Bank of China (ICBC) as financial backers to Saudi Oger’s King Abdullah Project 2, which was commissioned by the Saudi Ministry of Interior.
The transaction is split into two facilities. The first is an $800m (£519.3m) senior secured term loan, while the second is a SAR3.97bn (£690m) advance payment guarantee (APG).
CDB is acting as one of the three initial mandated lead arrangers and bookrunners for both the term loan and APG facility. Deutsche Bank and Emirates Bank NBD are the other two. ICBC is acting as mandated lead arranger for the term loan facility.
White & Case’s team was led by Hong Kong partner John Shum and assisted by Riyadh partners Waleed Al-Nuwaiser and Euan Pinkerton.
A team from Norton Rose headed by London partner Ali Triptree acted for construction company Saudi Oger.
A&O advised Deutsche Bank with Dubai partner Ian Ingram-Johnson and Riyadh partner Julian Johansen.