ARTICLE
14 March 2023

Arendt Advised On The Structuring And Implementation Of A First-of-a-kind Project Sukuk Issuance

AM
Arendt & Medernach

Contributor

About Arendt

Arendt combines the entire value chain of services dedicated to Asset Managers, Banks, Insurers, Public Institutions and Private Clients operating in Luxembourg.

-Legal & Tax
-Regulatory & Consulting
-Investor Services

Legal & Tax

We assist clients in structuring and running their business from a legal and tax standpoint across Luxembourg. Our teams directly serve international clients or work in close collaboration with foreign partner law firms.

Together with our regulatory consultants and investor services experts, we bridge the gap between legal/tax advice and its implementation. We deliver best-in-class services along our clients’ business life cycles.

The 450 legal experts of Arendt & Medernach have a wealth of experience in a wide variety of specialisations. Together, they are able to advise on a complete range of 15 complementary practice areas

ARENDT ADVISED THE MANAGERS ON USD 1.5 BILLION LANDMARK PROJECT SUKUK ISSUANCE BY TMS ISSUER S.À R.L. AND USD 3 BILLION NOTES ISSUANCE UNDER NEWLY ESTABLISHED USD 11.5...
Luxembourg Finance and Banking

ARENDT ADVISED THE MANAGERS ON USD 1.5 BILLION LANDMARK PROJECT SUKUK ISSUANCE BY TMS ISSUER S.À R.L. AND USD 3 BILLION NOTES ISSUANCE UNDER NEWLY ESTABLISHED USD 11.5 BILLION GMTN PROGRAMME BY GREENSAIF PIPELINES BIDCO S.À R.L.

DEAL - SUKUK STRUCTURE - SUKUK ISSUANCE - FINANCE - REFINANCING

Arendt advised BNP Paribas, HSBC Bank plc, J.P. Morgan Securities plc as global coordinators and joint bookrunners, in addition to a syndicate of joint bookrunners, joint passive bookrunners and co-lead managers, in its capacity as Luxembourg advisor on a USD 1.5 billion first-of-a-kind project sukuk issuance by TMS Issuer S.à r.l. as well as a USD 3 billion notes issuance (which includes a Taipei Exchange-listed Formosa series) under recently established USD 11.5 billion GMTN programme by GreenSaif Pipelines BidCo S.à r.l. ("GreenSaif"), for the refinancing of a bridge facility entered into in connection with GreenSaif's acquisition of a minority stake in Aramco Gas Pipelines Company, a subsidiary of Saudi Arabian Oil Company ("Saudi Aramco").

The sukuk structure is comprised of a Wakala-Murabaha formation which uses GreenSaif's shares in Aramco Gas Pipelines, a subsidiary of Saudi Aramco, as the underlying asset. Arendt advised on the Luxembourg law aspects of the structuring and implementation of this landmark project sukuk structure.

GreenSaif, owned by a BlackRock led consortium, acquired a 49% stake in Aramco Gas Pipelines Company and has rights to 20 years of tariff payments for natural gas transported through Saudi Aramco's domestic natura gas pipeline network.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More