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El-Aref Int’l Law Office advised client on 20 Million USD in Private Equity

November 2010

El-Aref International Law Office has advised its client a Saudi corporation as placement agent on a (20) Million US Dollars issue of secured convertible bonds 

El-Aref International Law Office has advised its client a Saudi corporation as placement agent on a (20) Million US Dollars issue of secured convertible bonds and approximately (15) Million US Dollars placement of shares. The transaction comprised an issue of (20) Million US Dollars 3.7 per cent secured guaranteed convertible bonds due to mature in 2015, as well as a top-up placing of (15) million shares, resulting in total proceeds of approximately US$35 million. The Client acted as placement agent for the offering. The convertible bonds had the benefit of upstream guarantees from, and a security package comprising share charges over, certain offshore subsidiaries. Combination financing provides a larger pool of funds to the company and also lowers the overall cost of financing compared to using only either an equity placement or a convertible bond issue of a similar size.

The leveraged deal involved coordinating legal advice across multiple jurisdictions together with associated firms referred and recommended by El-Aref Intl Law Office to carve out the businesses from their existing corporate group, the acquisition and implementing various innovative structuring initiatives.  

 


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