Clifford Chance’s latest deals
The Capital Markets team in Dubai and Riyadh has advised Abdullah Al Othaim Real Estate Investment and Development Company (OREIDCO) on its debut sukuk issuance. The sukuk was issued with a face value of SAR1 billion, with a floating profit rate linked to SAIBOR and a maturity of five years.
This issuer of the sukuk is an orphan SPV company established by OREIDCO in the Cayman Islands with the sole purpose of issuing the sukuk. The sukuk was offered on a private placement basis to sophisticated investors resident in the Kingdom of Saudi Arabia and the payment obligations of OREIDCO in respect of the sukuk were secured against one of the company's shopping malls, using an innovative security structure. GIB Capital L.L.C., Saudi Fransi Capital Limited and NCB Capital Company acted as the Lead Managers and Bookrunners for the transaction, and Saudi Fransi Capital Limited acted in separate capacities as the Payment Administrator and Sukukholders’ Agent.
The Clifford Chance Capital Markets team advising OREIDCO was led by Stuart Ure (partner, Capital Markets), supported by Mark Dickinson (senior associate, Capital Markets) and Eileen Kerr (associate, Capital Markets) in Dubai. Abdullah Al Hoqail (senior associate, Finance) led the team based in Riyadh, and was supported by Amro Bakhaidar (associate, Corporate). Latham & Watkins LLP acted as legal adviser to the Joint Lead Managers and Bookrunners and to the Sukukholders' Agent and Payment Administrator.
The firm also advised Thai Union Frozen Products PCL, the world’s leading seafood processor, on its seafood joint venture with Savola Foods Company.
The product lines for the JV will include all seafood products, including ambient, frozen, chilled seafood, as well as ready-to-eat meals. The joint venture will operate in 12 Middle Eastern markets: Saudi Arabia, United Arab Emirates, Oman, Kuwait, Bahrain, Qatar Jordan, Lebanon, Syria, Iran, Iraq, and Egypt. The Clifford Chance team was led by Jason Mendens (M&A partner, Doha) with assistance from Daniel Boyle (senior associate, Dubai) and a team of lawyers from our Middle East offices.
