Latham and The Law Office of Salman M. Al-Sudairi Advise the Managers on US$1 billion Dual-Tranche Bond Issuance by Saudi Basic Industries Corporation (SABIC)

Latham & Watkins and The Law Office of Salman M. Al-Sudairi have advised the managers in relation to the issuance of US$500 million 2.150 per cent Guaranteed Notes due 2030 and US$500 million 3.000 per cent Guaranteed Notes due 2050 by Saudi Basic Industries Corporation (SABIC). 

The Notes, which were issued through SABIC Capital I B.V. and guaranteed by SABIC, were rated A1 by Moody’s and A- by S&P. The 2030 Notes were listed on the Regulated Market of Euronext Dublin, while the 2050 Notes were dual-listed on the Regulated Market of Euronext Dublin and the Taipei Exchange (TPEx), representing the first “Formosa” issuance (debt securities sold in Taiwan by foreign issuers and denominated in a currency other than the Taiwanese dollar) by a Saudi corporate. The Notes were offered to investors outside the United States pursuant to Regulation S under the US Securities Act of 1933, as amended. 

BNP Paribas, Citi, and HSBC acted as joint global coordinators for the issuance of the Notes. With respect to the 2030 Notes, BNP Paribas, Citi, HSBC, Mizhuo Securities, MUFG, and SMBC Nikko acted as joint lead managers, with BofA Securities, Crédit Agricole CIB, ING, and Standard Chartered Bank acting as co-managers. With respect to the 2050 Notes, BNP Paribas SA, Taipei Branch, Citibank Taiwan Limited, and HSBC Bank (Taiwan) Limited acted as managers, with Mizhuo Securities MUFG, and SMBC Nikko acting as structuring agents. 

Latham advised on non-Saudi law matters with a team led by London partner Craig Nethercott and Dubai partner Nomaan Raja, with Dubai counsel Basil Al-Jafari and London associate Neha Siddiqui. London partner Lene Malthasen and associate Amina Tsatiashvili advised the trustee, Citicorp Trustee Company Limited. 

The Law Office of Salman M. Al-Sudairi advised on Saudi law matters, with a team led by Principal Salman M. Al-Sudairi, with assistance from counsel Amar Meher and associate Najla Al-Gadi.