International law firm Clifford Chance advised the lenders to Saudi Electricity Company (SEC) on syndicated facilities to add over $2 billion to SEC's revolving credit facilities, tapping domestic and international markets in two separate facilities.

The international facility consisted of a $1.4 billion facility. The coordinators, bookrunners and mandated lead arrangers were Bank of Tokyo – Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation (SMBC), and the mandated lead arrangers were HSBC, JPMorgan, Crédit Agricole and Deutsche Bank.

The National Commercial Bank and Samba Financial Group provided the SR2.5 billion ($666 million) domestic financing which was structured in the form of a revolving murabaha facility.

Riyadh head of Finance for Clifford Chance, Mohamed Hamra-Krouha said: "Our Riyadh team is proud to have advised the lenders to SEC, with a very challenging timeline, on these two high-profile transactions."

"The tapping of international and domestic markets in this manner continues to be favoured among Saudi corporations seeking to borrow at competitive rates. Clifford Chance is well equipped to provide international and Saudi lenders as well as Saudi companies with on-the-ground expert support not only in the Kingdom but across all the major financial centres around the world," added Hamra-Krouha. – TradeArabia News Service