International law firm Simmons & Simmons has advised Rawabi Holding Group on one of the largest ever private sector financing deals in Saudi Arabia – worth $1.91 billion (SR7.17 billion).
The syndicated financing arrangement – which involves a group of financial institutions pooling resources and extending credit through a single source – has been secured by Rawabi Energy, a subsidiary of Rawabi Holding Group.
The successful transaction, which was oversubscribed by 1.33 times the initial order, involved HSBC Saudi Arabia, Gulf International Bank and Gulf International Bank Saudi Arabia, along with several other institutions based in Saudi Arabia. The major agreement is expected to support Rawabi by accelerating growth and refinancing its existing debt.
The Simmons team was led by Aditi Sanyal, a partner in the firm’s Dubai office.
Commenting on the deal, Aditi said: “We are pleased with the pivotal role our team has played in this significant deal for Rawabi. Advising one of the largest ever Saudi private financing agreements is a further demonstration of the strength of the firm’s Financial Markets practice in the Middle East.”