DUBAI, Dec. 5, 2018 – A deal on which King & Spalding advised was awarded the “Local Currency Deal of the Year” at the Bonds, Loans and Sukuk Awards ceremony held in Dubai in November.
King & Spalding advised Albilad Capital as Arranger and Initial Dealer in connection with i) the establishment by Morabaha Marina Financing Company, a leading Saudi Arabian-based retail finance provider of a SAR400,000,000 Sukuk Programme, and ii) the initial issuance of Fixed Rate Amortising Sukuk thereunder.
The transaction was based on an innovative hybrid structure. It is also one of the first such asset-backed Sukuk transactions used by a consumer and retail finance provider in Saudi Arabia to tap the capital markets.
The King & Spalding team was led by partner Rizwan. H Kanji (Dubai), with assistance from senior associate Hamed Afzal (Dubai) and senior counsel Mohammed AlAmmar (Riyadh).
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