White & Case advises Aramco on issuance of US$6 billion notes and US$3 billion trust certificates

Global law firm White & Case LLP has advised Aramco on the update of its Global Medium Term Note (GMTN) Programme and the subsequent triple-series issuance under the GMTN Programme of US$2 billion 5.250% notes due 2034, US$2 billion 5.750% notes due 2054 and US$2 billion 5.875% notes due 2064 (the Notes).

White & Case also advised Aramco on the update of its Trust Certificate Issuance Programme and the subsequent dual-series issuance under the Programme of US$1.5 billion 4.250% trust certificates due 2029 and US$1.5 billion 4.750% trust certificates due 2034 (the Trust Certificates).

"Successfully issuing US$6 billion of notes and US$3 billion of trust certificates across distinct investor bases, internationally and regionally, demonstrates Aramco’s enduring appeal with investors. The offerings also enabled Aramco to successfully diversify its funding sources," said White & Case partner Stuart Matty, who co-led the Firm's deal team.

Both the GMTN Programme and the Trust Certificate Issuance Programme have been approved by the UK’s Financial Conduct Authority and the Notes and Trust Certificates have been listed on the London Stock Exchange.

White & Case partner Debashis Dey, who co-led the Firm's deal team, said: "The successful size and pricing of the Notes reinforce Aramco’s position as a global leader in the energy industry.”

The White & Case team that advised on the transactions was led by partners Debashis Dey (Dubai & London), Gary Kashar (New York) and Stuart Matty (London) and included local partners Xuan Jin (Singapore) and Nezar Al Abbas (Riyadh) and associates Eren Ayanlar, Ola Sanni, Amir Mehdizadeh Iranpour (all Dubai), Jack Adachi and Diala Kakish (both London).

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