Shearman And Sterling

News December 15, 2022

ACWA Power Management and Investments One Limited Tender Offer

Shearman & Sterling represented Citigroup Global Markets Limited as dealer manager, in connection with the tender offer of ACWA Power Management and Investments One Limited (the Company), a subsidiary of ACWA Power Company, a Saudi listed joint stock company, in a pre-amortization aggregate principal amount up to $428,000,000, as amended, for purchase by the Company for cash of its outstanding 5.95% Senior Secured Bonds due 2039 (the Tender Offer). Citibank, London Branch acted as the information and tender agent.

The aggregate pre-amortization principal amount of $400,729,000 of the bonds were purchased pursuant to the Tender Offer, which Bonds were all validly tendered prior to November 21, 2022. The early tender deadline was purchased by the Company on November 25 2022, the early settlement date. The expiration date for the Tender Offer was on December 6, 2022. No additional bonds were validly tendered after the early tender deadline and prior to or at the expiration date.

The Company is a subsidiary of ACWA Power, which is a leading private developer of, investor in and operator of a portfolio of power generation, water desalination, and green hydrogen production plants – both within the Kingdom of Saudi Arabia and regionally in the Middle East, Turkey, South Africa and Central Asia. ACWA Power and certain of its subsidiaries and affiliates was created in response to new opportunities that emerged in the Saudi Arabian electricity and desalinated water markets following the historic decision in 2002 of the Saudi Arabian government to progressively open up the electricity generation and desalinated water production markets to private sector companies.

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