Law firm Linklaters has advised lenders on term loan facilities totalling US$1.98bn for four Saudi financial institutions. The deals were debut financings for each of the borrowers in the international syndicated loan market and have contributed to establishing the market for loans to Saudi financial institutions.
The first deal is a US$600mn facility for Samba Financial Group with Citibank and JPMorgan plc as arrangers and bookrunners and Citibank, JPMorgan plc, Arab National Bank, BNP Paribas, Deutsche Bank Luxembourg, Gulf International Bank, Qatar National Bank and Standard Chartered Bank as mandated lead arrangers.
A second one is a US$350mn facility for Arab National Bank with JPMorgan plc as arranger and bookrunner and Deutsche Bank, Gulf International Bank, JPMorgan plc and Riyad Bank as mandated lead arrangers.
Then there is a US$650mn facility for Banque Saudi Fransi with Calyon, Citibank and Deutsche Bank as bookrunners and Calyon, Citibank, Deutsche Bank, Gulf International Bank, Sumitomo Mitsui Banking Corporation Europe, ING Bank and Standard Chartered as mandated lead arrangers.
The final deal is a US$380mn facility for Saudi Investment Bank with Citibank as bookrunner and underwriter and Citibank, Commerzbank, Mizuho Corporate Bank, RZB, Standard Chartered and Sumitomo Mitsui Banking Corporation Europe as mandated lead arrangers.
The credit agreements each included representation and covenant packages to reflect the Saudi legal environment and to accommodate the operational requirements of the borrowers.
The Linklaters team of Andrew Forde and Mirthe van Kesteren was led by banking partner Stephen Lucas.