Press releases

Clifford Chance advises Advanced Petrochemical Company on its inaugural SAR1 billion sukuk issuance *

Clifford Chance advised Advanced Petrochemical Company on its debut sukuk issuance. The sukuk was issued with a face value of SAR1 billion, with a floating rate coupon linked to SAIBOR and a maturity of 5 years.

20 November 2014

Stuart Ure, Capital Markets Partner at Clifford Chance commented: "We are delighted to have had the opportunity to continue our valued relationship with Advanced and to have advised the team on accessing the capital markets in the Kingdom for the first time. This is an important step for Advanced in achieving its strategic goals and diversifying its funding, and reflects Clifford Chance's continued work in the sector."

The sukuk was offered on a private placement basis to sophisticated investors resident in the Kingdom of Saudi Arabia. Reflecting the financial strength of Advanced, investor confidence yielded an order book 2.4 times oversubscribed.

HSBC Saudi Arabia Limited and Riyadh Capital Company acted as the Joint Lead Managers and Bookrunners for the transaction, with HSBC Saudi Arabia Limited acting as Payment Administrator and Riyadh Capital Company acting as Sukukholders’ Agent.

The Clifford Chance team advising Advanced was Stuart Ure (Partner, Capital Markets) and Rhona Byrne (Senior Associate, Capital Markets) in Dubai, and Olufunlola Kolawole Balogun (Senior Associate, Finance) and Mansoor Al Hagbani (Senior Associate, Finance) in Riyadh.