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Allen & Overy Announces Landmark Sukuk
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Our first piece of law firm news today comes from the law firm of Allen & Overy has announced via a press release that it advised Saudi Electricity Company on its first sukuk in conjunction with the law firm of Zeyad S. Khoshaim. The sukuk is offered to United States and international investors with Rule 144A under the U.S. Securities Act of 1933.

The deal is worth $2 billion in the United States and is the largest sukuk under Rule 144A from the Middle East. It includes a 10 year series and a 30 year series. To date, the 30 year series is the longest for any unsecured sukuk issue. The joint lead managers on the deal were HSBC and Deutsche Bank.

  
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Allen & Overy fielded a team of partners from London that included Atif Hanif, Sachin Davé and Jamie Durham, assisted by associates Cieren Leigh, Tracy Tong and Christopher Clark. U.S. tax matters were handled by partner Stephen Fiamma and senior associate Stefka Kavaldjieva. Partner Roger Wedderburn-Day advised on disclosure. The team in Riyadh consisted of partner Zeyad Khoshaim, senior associate Jonathan Marshall and associate Yazeed Alsalman.

The leader of Allen & Overy’s European Islamic finance practice, Atif Hanif, said, “We are very pleased to have advised SEC on such a landmark transaction. The sukuk issue was very well received in the international markets and was oversubscribed by more than 6.5 times. It also achieved many firsts, including the first dual series sukuk issued under Rule 144A out of the Middle East and the first 30 year senior unsecured sukuk.”

Partner Zeyad Khoshaim added the following about the deal: “This transaction illustrates the faith that international investors have in the long-term prospects of the Saudi economy. It is likely to pave the way for other issuers from Saudi Arabia and the other Gulf countries to tap the international markets for longer tenor instruments.”

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