White & Case Advises Fawaz Abdulaziz Al Hokair on US$800 Million Dual-Currency Refinancing

Global law firm White & Case LLP has advised Fawaz Abdulaziz Al Hokair Co., a leading diversified fashion, beauty, and food retailer in Saudi Arabia with international operations across 13 countries and long term relationships with more than 80 leading international retail brands, on its dual-currency US$800 million refinancing package.

“We have a strong relationship with Fawaz Abdulaziz Al Hokair and its group of companies, and have now advised on its notable refinancing,” said White & Case partner Jeremy Duffy, who co-led the Firm's deal team. “This was an important transaction for our client and demonstrates our ability to advise Saudi institutions on truly complex, cross-border financing transactions.” 

The refinancing consists of a senior secured dual-currency (USD and SAR) US$650 million (equivalent) Murabaha term facility and a senior secured dual-currency (USD and SAR) US$150 million (equivalent) revolving Murabaha facility. It is one of the first to close in 2020 with a Participating UAE Bank, which reflects the new Accounting and Auditing Organisation for Islamic Financial Institutions regulations applicable to Sharia compliant transactions.

“This transaction underscores our capability in structuring and executing complex Islamic finance transactions,” said White & Case partner Claire Matheson Kirton, who co-led the deal team. “As a strategic deal for Fawaz Abdulaziz Al Hokair Co., this transaction required close collaboration with our team in Riyadh and further underlines the Firm’s ability to seamlessly deliver cross-border advice in an integrated way.”

White & Case and The Law Office of Megren M. Al-Shaalan, with which White & Case practices in cooperation in Saudi Arabia, advised on all aspects of the financing with a team led by partners Jeremy Duffy (London) and Claire Matheson Kirton (Dubai), and including partner Megren Al-Shaalan (Riyadh), local partner Ibrahim Bakhurji (Riyadh) and associates William Watson, Sam Manful and Mikaela Nikolausson (all Dubai).

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