Clifford Chance advises Dhuruma on $1bn project
International law firm Clifford Chance advised Dhuruma Electricity Company, on the refinancing of facilities in excess of $1 billion, which reached financial close on March 1
International law firm Clifford Chance advised Dhuruma Electricity Company, on the refinancing of facilities in excess of $1 billion, which reached financial close on March 1.
The sponsors of Dhuruma include Engie, Saudi Electricity Company, Sojitz Corporation and Al Jomaih Holding Company, said a statement.
The refinancing facilities were provided on a combined conventional and Islamic basis, with the two classes of financiers sharing the transaction security package.
The dollar-denominated international tranche of in excess of $500mn was provided by a development bank (KfW IPEX-Bank), an export credit agency (Export Development Canada) and a group of international commercial banks. Of the international banks, Sumitomo Mitsui Banking Corporation and Mizuho Bank took the largest tickets, of over $100 million each.
The other international banks were Sumitomo Mitsui Trust Bank, Limited (London Branch), Mitsubishi UFJ Trust and Banking Corporation, Société Générale and Standard Chartered Bank.
The Saudi riyal-denominated istisna'a-ijara tranche of in excess of SR1.4 billion ($373.1 million) was provided by Banque Saudi Fransi, Samba Financial Group and The Saudi British Bank (SABB), each of which took an equal participation.
The Saudi riyal-denominated wakala-ijara tranche of in excess of SR900 million was provided by The National Commercial Bank (Al Ahli) and Al Inma Bank, each of which took an equal participation.
Mohamed Hamra-Krouha, Riyadh head of Finance for Clifford Chance, said: "We are delighted to have helped Dhuruma Electricity Company and its sponsors achieve this refinancing, this being one of the largest of its kind transactions in Saudi Arabia so far this year and a transaction which our client confirmed was deemed essential for all of the sponsors.
"Our Riyadh team continues to advise clients across the Saudi energy and resources sector who continue to tap international and domestic markets in this hybrid manner allowing Saudi corporations to borrow at competitive rates. Clifford Chance is well equipped to provide Saudi companies as well as Saudi and international lenders with on-the-ground expert support not only in the Kingdom but across all the major financial centres around the world."
The Clifford Chance team was led by Hamra-Krouha (partner, Riyadh) and included Kola Balogun (senior associate, Riyadh), Yasser Al-Hussain (senior associate, Riyadh), Mazin Al Zamil (associate, Riyadh) and Sahal Khalawi (associate, Riyadh)