Allen & Overy, in association with local law firm Zeyad S Khoshaim Law Firm, has advised Saudi Electricity Company (SEC), the Gulf’s largest utility company, on its record-breaking $2.5bn (£1.5bn) sukuk, the largest-ever Rule 144A sukuk offering.
The sukuk consists of two separate series of sukuk certificates: a $1.5bn 10-year series and a $1bn 30-year series priced at four per cent and 5.50 per cent respectively, with profit payments payable on a semi-annual basis. Deutsche Bank, HSBC and JP Morgan are the lead managers and bookrunners on the sukuk.
The deal builds on the success of last year’s landmark $2bn sukuk, which was the first to be offered to US and other international investors under Rule 144A.
The Allen & Overy team was led by London-based partners Atif Hanif, Sachin Davé and Jamie Durham, assisted by senior associate Cieren Leigh and associates Tracy Tong, Anne Korenblit and Edana Richardson. The Riyadh-based team comprised partner Zeyad Khoshaim and associate Hosam Ghaith.