Mashal Al-Assaf

Mr. Al-Assaf’s representative and advisory experience includes advising:

Finance / Restructurings**

• The Ministry of Finance of Saudi Arabia on the debt restructuring of the Saudi Binladin Group, which in excess of SAR40 billion (circa. US$10 billion) is the largest, the most complex and the most high profile debt restructuring in the MENA region, and possibly the world 
• The Kingdom of Saudi Arabia acting through the Ministry of Finance in connection with its inaugural US$258 million ECA backed green loan
• EIG in connection with a US$12.4 billion infrastructure financing for a consortium led by EIG in respect of a lease and lease-back agreement with Saudi Aramco (this is one of the world’s largest energy infrastructure transactions and the largest in the MENA region) 
• The Creditors Committee on the debt restructuring of Azmeel Contracting Company, which at SAR7.7 billion (circa. US$2.06 billion) is the most unique debt restructuring to date in Saudi Arabia as it utilizes for the first time a perpetual sukuk structure (with a commodity murabaha facility) in connection with a financial restructuring procedure under the Insolvency Law
• The Creditors Committee on the financial restructuring of Middle East Specialized Cables Company (a listed entity on Tadawul)
• Abdullatif Alissa Holding Company (the dealership for Nissan in the Kingdom of Saudi Arabia) and the creditors to Azmeel Construction Company in connection with both out of court restructurings and court driven restructurings under the Insolvency Law 
• Jabal Omar Development Company in connection with restructurings
• The Creditors Committee in connection with the restructuring of conventional and Islamic loans of Al-Ittefaq Steel Products Company
• Banque Saudi Fransi on the debt restructuring of (i) Eastern Trading & Contracting Company (ETEC) in connection with a financial restructuring procedure under the Bankruptcy Law and (ii) Eastern ReadyMix Concrete Company (ETER) on a bilateral consensual debt restructuring outside of a procedure under the Bankruptcy Law
• SIG Combibloc Group Holdings on a term loan and revolving credit facilities, concurrent with a €1 billion bond offering
• The syndicate of lenders in connection with a US$2.57 billion financing for Saudi Electricity Company (SEC)
• The syndicate of lenders in connection with a US$2 billion financing for Saudi Basic Industries Corporation (SABIC)
• Al Rajhi Bank in connection with various financings
• Kingdom Holding in connection with various financing arrangements
• A selection of banks and other lenders on a multi-hundred-million US dollar Term B refinancing*
• The banks on a US$220 million term loan financing in relation to the acquisition of Natural Gas-Fired Power Generation Facility*
• The banks and lenders on a US$205 million acquisition financing of midstream onshore oil and gas infrastructure assets*
• A number of banks entering into a US$1 billion partnership to finance an oil and gas project*
• A borrower entering into US$230 million bridge loan and US$275 million permanent financing in relation to the acquisition of natural gas storage and pipeline facilities*
• Waypoint Leasing, as special counsel the debtors, in connection with its Chapter 11 bankruptcy proceedings, including the coordination of the sale of more than 125 aircraft on lease to 42 lessees in 31 different jurisdictions*

In addition to these milestone debt restructurings and financings, Mr. Al-Assaf has acted on numerous milestone conventional and Islamic facilities for various high profile publicly listed and non-publicly listed clients, i.e. the Kingdom Holding Company, National Industrialization Co. (TASNEE), Saudi Basic Industries Corporation (SABIC) and all the leading banks and financial institutions in Saudi Arabia.

Corporate**

• Saudi government entity in connection with financing the construction of certain facilities by an oil & gas company 
• Dar Al-Arkan Real Estate Development Company in connection with the update of its US$2.5 billion Regulation S compliant Sukuk programme and the issuance of US$400 million Trust Certificates 2026 thereunder 
• Alamar Foods Company on its SAR1.22 billion IPO on Tadawul 
• The joint bookrunners in relation to a secondary public offering of shares in Saudi Telecom Company (stc) by its majority shareholder, PIF 
• solutions by stc in relation to its SAR3.624 billion IPO and listing on Tadawul 
• The Government of the Kingdom of Saudi Arabia in relation to the proposed privatization of the flour milling industry through the sale of four flour milling companies to private investors through a competitive auction process 
• ArcelorMittal Tubular Products Jubail Company, ArcelorMittal’s Saudi Arabian joint venture with the Public Investment Fund (PIF), on its acquisition of Jubail Energy Services Company (JESCO) from TAQA Industrialization and Energy Services Company
• A foreign bank in connection with various corporate matters related to establishing a branch in the Kingdom of Saudi Arabia
• Shareholder of OCTAL, a major global producer of PET sheet, on the US$620 million auction sale to Alpek 
• An American transportation manufacturing company in relation with setting up an entity in the Kingdom of Saudi Arabia
• An American semiconductor manufacturing company in connection with FCPA-related issues 
• An American EPC company in connection with setting up an oil & gas sector JV company in the Kingdom of Saudi Arabia 
• The Government of the Kingdom of Saudi Arabia in connection with a number of privatization projects
• Kingdom Holding Company and its subsidiaries in various corporate matters
• Several companies in their potential IPOs on Tadawul in various industries
• International clients in connection with potential acquisition of local companies
• On the formation of multiple Saudi companies with foreign ownership
• On successfully filing multiple market concentration applications with the General Authority for Competition of Saudi Arabia
• On conducting due diligence exercises of several companies in connection with potential acquisitions
• International and local clients on various matters relating to various Saudi Arabian laws
• The King Abdullah University in relation to different corporate matters
• Saudi Aramco in its US$69.1 billion acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF)*
• On several mergers and acquisitions transactions in the oil and gas industry*
• A number of oil and gas companies in relation to the formation of joint ventures*

Regulatory**

• On multiple special economic zone and megaproject developments in the Kingdom of Saudi Arabia, including NEOM and Red Sea
• The Saudi Arabian Ministry of Sports in updating major sector regulations, including drafting the Private Sports Clubs, Sports Academies, and Fitness Clubs regulations
• Several governmental bodies in connection with various regulatory advice
• Ministry of Media in connection with media regulatory advice in connection with its advertising and broadcasting initiatives
• The General Commission for Audiovisual Media in connection with drafting its cinema rules

* Matter handled prior to joining the firm 

** Firm experience prior to April 2023 includes work completed both at Latham and the Law Firm of Salman M. Al-Sudairi.