The team was jointly led by Mansoor Alhagbani (AS&H partner and Head of Capital Markets and Financial Regulatory) and Omar Rashid (Clifford Chance partner seconded to AS&H) and supported by senior associate Amro Bakhaidar and associates Mashael Al-Shebaiky, Rakan Kawar and Aljawharah Alassaf. Clifford Chance partner Alex Bafi who specialises in US Securities advised on US law aspects and was supported in Paris by counsel Olivier Plessis and associates Ryan Bosch and Nicholas Brock.
Mansoor Alhagbani commented: "This transaction demonstrated, once again, the ability of the team in Saudi Arabia to work seamlessly with the Clifford Chance network and to come together as one team for our clients. We are extremely proud to have advised on this first of a kind transaction which will no doubt open the door for other Saudi Arabian companies to access US markets”.
Omar Rashid remarked: "We are incredibly proud to have successfully supported the largest syndicate of banks ever to have acted on an initial public offering in the Kingdom. It was a pleasure working with the banks on this landmark transaction for the Kingdom’s capital markets.”
Alex Bafi noted: “We are delighted to have acted on the Kingdom's first ever IPO with an offering to QIBs in the United States of America under Rule 144A. The significance of this transaction goes beyond its scale, as this transaction will make it easier for other companies in Saudi Arabia to access the US and international markets. This IPO highlights Clifford Chance's strength in working seamlessly across jurisdictions and advising on innovative and complex transactions.”
AS&H in cooperation with Clifford Chance consistently acts on the most high-profile deals in the market. Their recent work includes advising on the Bank Al-Jazira rights issue, the Middle East Healthcare Company IPO and the Saudi Arabian Company for Hardware IPO.
Clifford Chance's US capital markets team in Paris, together with Clifford Chance teams in London, Amsterdam, Dubai and Riyadh, have in the last twelve months advised on a number of other innovative and high-profile transactions, including:
- Adyen's €1 billion Rule 144A IPO and listing on Euronext Amsterdam, which valued Adyen at €14 billion at closing (Equity Deal of the Year 2019, IFLR Europe)
- Network International's £1.2 billion Rule 144A IPO and listing on the London Stock Exchange (largest ever MEA IPO listed on the LSE)
- Nova Ljubljanska Banka's €600 million privatization, Rule 144A IPO and London GDR listing (largest European bank offering in 2018)
- ASA International's £125 million Rule 144A IPO and listing on the London Stock Exchange
- VINCI's inaugural Rule 144A offering with the issue of a US$1 billion bond, maturing in April 2029 and carrying an annual coupon of 3.750%
- The Government of Oman on its Rule 144A sukuk offering of US$1.5 billion Trust Certificates, part of US$20 billion in 144A debt securities issued by Oman since May 2016