Conyers advises on US$814 million bond issuance by Saudi Arabia’s ACWA Power

Conyers Dill & Pearman acted as British Virgin Islands counsel to the initial purchasers – including Jefferies International Limited, Citigroup Capital Markets Limited, Standard Chartered Bank, NCB Capital, Mizuho International plc and China Construction Bank Corporation – in connection with the recent offering by ACWA Power Management and Investments One Limited (the “Issuer”) of US$814 million of aggregate principal amount of 5.95% senior secured notes due 2039. The Issuer is a wholly-owned subsidiary of ACWA Power, the largest private power generator and desalinated water producer in the Kingdom of Saudi Arabia. The innovative transaction structure enables ACWA Power to monetize its dividend cash flows from stakes held in project companies by offering investment-grade bonds. The bonds are traded on the Irish Stock Exchange.

Oliver J. Simpson and Fawaz Elmalki of the Dubai office of Conyers Dill & Pearman worked alongside Shearman & Sterling LLP, who acted as onshore counsel to the initial purchasers.