Chadbourne represents lenders in billion dollar financing
Chadbourne & Parke LLP represented the lenders in the USD1.7 billion financing of the Jazan Air Separation Facility in the Kingdom of Saudi Arabia. Once constructed, the facility will be the world’s largest industrial gas complex, with an estimated total project cost of USD2.15 billion.
The financing is 100 percent Shari’ah-complaint and is one of the few major projects in the Middle East to be successfully financed with only Shari’ah-complaint facilities. They include a US Dollar Istisna-Ijara facility, a Saudi Riyal Istisna-Ijara facility, and a Saudi Riyal Wakala-Ijara facility.
A group of 10 commercial banks comprised the lenders, and they included Samba Financial Group, The National Commercial Bank, Banque Saudi Fransi, Sumitomo Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Alinma Bank, First Gulf Bank PJSC, Société Générale and The Saudi British Bank.
The project sponsors are ACWA Holding with a 75 per cent stake in the project company and Air Products as the owner of the remaining 25 per cent.
The industrial gases facility will separate oxygen and nitrogen from the air and supply 55,000 metric tonnes per day of nitrogen and 20,000 metric tonnes per day of oxygen to Saudi Aramco as feedstock to be used in connection with the Jazan refinery.
The Chadbourne team was led by Richard Keenan, and he was assisted by Dubai international partner Derek Kirton, New York associate Rick Susalka, London senior associate Ali Donat, Dubai associate Helen Qian, London partner Agnieszka Klich, Dubai associate Marc Norman, New York associate Clare Karabarinde, London partner Charez Golvala, London senior associate Nonna Crane, London senior associate Alexandra Neovius, London associate Henry Andreae, and New York partner Mark Beckett.
