Shearman & Sterling advised the note purchasers, lenders and various agents and account banks on a tiered refinancing comprising a project financing to Shuaibah Two Water Development Project Company (STPC) and a private placement notes issuance by a DIFC issuer at a different level in the corporate structure.
The proceeds of the notes issuance were on-lent to STPC via a proceeds loan and applied by STPC towards costs related to the refinancing and the repayment of a large portion of STPC's commercial facility. The remaining $100,000,000 of STPC's commercial facility with Natixis and Riyad Bank was renegotiated and reprofiled.
The offering involved the issuance by ACWA Power Capital Management Ltd (Issuer) of $166,180,000 of 3.70% senior secured notes. The Issuer is a wholly-owned finance subsidiary of International Company for Water and Power Projects (ACWA Power), the largest private power generator and desalination water producer in the Kingdom of Saudi Arabia. STPC's water desalination project in the Kingdom of Saudi Arabia, which is already operational, forms part of ACWA Power's KSA portfolio.
The Shearman & Sterling team below was supported by consultants Anna Duncan and Gregor Page.