White & Case Advises Arabian Centres Company on US$1.9 Billion Refinancing

Global law firm White & Case LLP has advised Arabian Centres Company (ACC), Saudi Arabia's leading shopping mall owner, developer and operator, on its dual currency US$1.9 billion refinancing package. 

"We have advised Arabian Centres Company on the successful execution of this landmark issuance and on its overall refinancing strategy," said White & Case partner Debashis Dey, who co-led the Firm's deal team. "This transaction adds to our strong track record advising Saudi institutions in relation to capital markets transactions." 

The refinancing consists of a senior unsecured US$500 million debut Reg S/144A five-year Sukuk issuance, alongside a senior secured dual (USD and SAR) currency US$1.2 billion (equivalent) Ijara and Murabaha term facilities and a senior secured dual (USD and SAR) currency US$200 million (equivalent) revolving Murabaha facility.

White & Case partner Claire Matheson Kirton, who co-led the deal team, said: "Successfully closing this US$1.9 billion refinancing package for Arabian Centres Company is a testament to the Firm's integrated cross-border practices and once again showcases our capability in structuring and executing complex Islamic finance transactions." 

The Sukuk was a rare Reg S/144A cross-border high yield issuance under English law by a Saudi Arabian credit. It also comprised a mutli-faceted Shari'a structure consisting of restricted mudaraba and murabaha components. In addition, the murabaha limb was structured as a standard murabaha arrangement, whilst the restricted mudaraba limb also included a Saudi law governed head-lease and sublease arrangement made between ACC and Riyadh Centres Company, a group company. Goldman Sachs and HSBC acted as joint global coordinators for the Sukuk, with Credit Suisse, Emirates NBD Capital, Mashreqbank, Samba Capital and Warba Bank as joint lead managers and bookrunners.

"This was a key strategic deal for Arabian Centres Company and a noteworthy material capital raise," said White & Case partner Jeremy Duffy, who co-led the deal team. "At US$1.9 billion only White & Case has the banking and capital markets strength on the ground in London, Dubai and Riyadh required to execute it successfully." 

The White & Case team that advised on the transaction was led by partners Debashis Dey (Dubai & London), Jill Concannon and Jeremy Duffy (both London) and Claire Matheson Kirton (Dubai), with support from partner Megren M. Al-Shaalan (Riyadh), counsel Xuan Jin (Dubai) and associates Marissa Florio (London), Eren Ayanlar (Istanbul) and William Watson and Sam Manful (Dubai). 

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