White & Case Advises Banks on Almarai Sukuk's US$2 Billion Trust Certificate Programme

Global law firm White & Case LLP has advised First Abu Dhabi Bank, HSBC, Gulf International Bank, J.P. Morgan and Standard Chartered Bank on the establishment by Almarai Sukuk Ltd. of a Reg S US$2 billion Trust Certificate Issuance Programme, and on the issuance of US$500 million Trust Certificates due 2024 thereunder.

"Almarai's debut offering represents the first US dollar denominated sukuk issuance by a GCC food and beverage company, the first international investment grade non-government related corporate issuance from the Kingdom of Saudi Arabia, and the largest orderbook oversubscription ever achieved by a Saudi corporate," said White & Case partner Debashis Dey, who co-led the Firm's deal team. "Almarai also achieved outstanding orderbook diversification with more than 60 percent of the allocation of the sukuk to non-Middle Eastern investors."

Association partner Zeyad AlSalloum said: "Advising on this important issuance demonstrates the strength of our practice and presence in the Kingdom of Saudi Arabia and the Middle East, and our ability to support Islamic finance transactions."

The Trust Certificates are listed on Euronext Dublin, and the transaction represents the first foray into the international debt capital markets by Almarai.

The White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London) and association partner Zeyad AlSalloum (Riyadh), with support from counsel Xuan Jin (Dubai) and associates Sankalp Labroo (Dubai), Majed Alkuraydis and Sarah Altukhaifi (both Riyadh).

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