AS&H Clifford Chance advises a syndicate of banks in relation to a SAR 9 billion (USD 2.4 billion) unsecured revolving Murabaha facility extended to the ROSHN Group
03 Oct 2024
AS&H Clifford Chance has advised a syndicate of banks in relation to a SAR 9 billion (approx. USD 2.4 billion) unsecured revolving Murabaha facility extended to the ROSHN Group.
ROSHN Group is Saudi Arabia’s leading multi-asset class real estate developer and a PIF portfolio company. ROSHN will utilise the credit facility for general corporate purposes and to fund its growth and expansion plans.
The AS&H Clifford Chance team was led by Partner and Head of Banking & Finance, Yasser Al-Hussain was supported by Counsel, Ali Moiz Ansari, who managed the day-to-day communication with the syndicate of banks and led the documentation drafting and negotiation process with the banks and ROSHN's legal counsel. The team was also supported by Senior Associate, Ribal Wahid and Associate, Omar Wazir. Partner, Ahmed Choudhry advised on certain Islamic Finance elements of the transaction.
Commenting on the financing, Yasser Al-Hussain, said:
"We are delighted to have advised the financiers on the revolving Murabaha facility extended to the ROSHN Group – a major developer and a key participant in the Kingdom's efforts towards Vision 2030. Our deep expertise and know-how of the local market coupled with our relationship with the banks and ROSHN was critical in us being able to deliver on this important financing."
Consistently ranked Band 1 in legal directories, AS&H Clifford Chance has a strong track record advising on some of the largest, most innovative and most complex deals in the Middle East including advising Saudi Arabian Mining Company on its SAR 11.25 billion revolving credit facility and Saudi Electricity Company on its conversion of the Company’s financial government liabilities into a SAR 167.92 billion (approx. USD 45 billion) Shari'a compliant subordinated financial equity-like instrument with a redemption option as part of wider electricity sector regulatory reforms in Saudi Arabia.