Global law firm White & Case LLP has advised ADES Holding Company (ADES), a leading international oil and gas drilling services provider, on a new equivalent to US$3 billion multi-tranche and multi-currency facility.
The transaction amended an existing syndicated facility, securing an additional US$3 billion, with the majority of existing lenders participating along with new leading local and regional financial institutions: Saudi Awwal Bank, Riyadh Bank, Al Rajhi Banking and Investment Corporation, Arab National Bank, Saudi National Bank, Alinma Bank, Banque Saudi Fransi, Aljazira Bank, Arab Petroleum Investments Corporation (APICORP), Goldman Sachs International Bank, Gulf International Bank - Saudi Arabia and Commercial Bank of Dubai PSC.
The upsized facility is a top-up to ADES’ existing syndicated facility secured in 2021. The new US$3 billion multi-tranche and multi-currency facility is predominantly intended as a standby facility for ADES’ ambitious expansion plans, divided into the equivalent of a US$2.7 billion standby term tranche and additional US$300 million revolving working capital facility tranche. The significantly upsized syndicated facility will provide ADES with the financial flexibility to capitalize on new potential growth opportunities, including acquisitions and organic growth.
ADES Holding Company, headquartered in Al Khobar in the Kingdom of Saudi Arabia, is a world-leading international drilling services provider. The company has over 8,000 employees and a fleet of 87 rigs across nine countries, including 38 onshore drilling rigs, 46 jackup offshore drilling rigs, two jackup barges, and one mobile offshore production unit (MOPU).
The White & Case team in Cairo which advised on the transaction was led by partner Sherief Rashed and included associate Nada Hussein.
Press contact
For more information please speak to your local media contact.
