Banks were asked to provide sub-underwriting commitments of $110 million with take-and-hold targets of $75 million. The core mandated lead arrangers (MLAs) and underwriters are ABN Amro, Arab Bank, Riyad Bank, Saudi Hollandi Bankand Export-Import Bank of Korea, which is also providing a $402 million direct loan.

Al-Rajhi Banking & Investment Corporation is underwriting a $225 million Islamic facility aimed solely at local banks. The commercial tranches have tenors of 10 years and the export credit tranches tenors of 17.5 years (MEED 4:11:05).

Riyad Bank is acting as overall co-ordinating bank on the transaction. Financial close is targeted for late December.

The key project agreements on the Shuaibah project were signed between Water & Electricity Company (WEC)and a local/Malaysian developer consortium of ACWA Power, Malakoff Berhad, Khazanah Nasionaland Tenaga Nasional Berhadin mid-November (MEED 2.12.05, Cover Story).