Press releases

Clifford Chance advises on SAR5 billion of funding for Saudi Electricity Company

Clifford Chance advised Samba Financial Group (SAMBA), National Commercial Bank (NCB), and Banque Saudi Fransi (BSF), the lenders, on a SAR5 billion syndicated murabaha facility to Saudi Electricity Company (SEC).

9 October 2016

The unsecured loan, which will have tenure of seven years, will be used to finance SEC's projects.

Riyadh Head of Finance for Clifford Chance, Mohamed Hamra-Krouha said: "We are once again delighted to have advised lenders to SEC on yet another landmark financing transaction, achieved in a tight timeframe with minimal fuss."

The Clifford Chance team was led by Mohamed Hamra-Krouha (Partner, Riyadh) and included Kola Balogun (Senior Associate, Riyadh), Yasser Al-Hussain (Senior Associate, Riyadh), and Sahal Khalawi (Associate, Riyadh).

"As we have previously noted, the tapping of domestic markets in this manner continues to be favoured among Saudi corporations seeking to borrow at competitive rates. Clifford Chance is well equipped to provide Saudi lenders as well as Saudi companies with on-the-ground expert support in the Kingdom" added Hamra-Krouha.

The Clifford Chance Riyadh team continues to advise on some of the Kingdom's most prominent deals including advising SEC earlier this year on US$2 billion syndicated facilities, ACWA Power on SAR1.11 billion facilities, a group of 30 global and regional lenders on US$10 billion revolving credit facilities (with conventional and Islamic tranches) to Saudi Aramco, Saudia Aerospace Engineering Industries on a SAR3.5 billion murabaha facility and the lenders on a SAR1.875 billion Islamic facility for a real estate development project in Makkah.