Latham & Watkins has advised the arrangers and dealers in relation to Saudi Arabian Oil Company (Saudi Aramco)’s update of its Global Medium Term Note Program (the Program), and the managers in relation to the issuance of US$6 billion notes (the Notes) thereunder (the Issuance). The Notes were issued across three tranches: US$2 billion 5.250% Notes due 2034, US$2 billion 5.750% Notes due 2054, and US$2 billion 5.875% Notes due 2064.
The Program and Notes have been rated A1 by Moody’s and A+ by Fitch, and were listed on the Main Market of the London Stock Exchange. The Notes were offered to investors in the United States in reliance on Rule 144A under the US Securities Act of 1933, as amended (the Securities Act) and to non-US investors outside the United States in reliance on Regulation S under the Securities Act.
The Latham team was led by Riyadh partners Salman Al-Sudairi and Edward Kempson, and Dubai partners Nomaan Raja and Basil Al-Jafari, with Riyadh associates Hatem Abdulghaffar, Sumaya Bamakhrama, Omar Al-Qazlan, and Talal Abul, and Dubai associates David Hayward and Lois Pickering. Advice was also provided on US tax matters by New York partner Bora Bozkurt, with associate Farrah Yan.
