Bahrain, 28 August 2008 – Baker & McKenzie has acted for the Initial Mandated Lead Arrangers on a SR 8,281,863,750 (approximately US$2,208,300,000) financing for Arabian Bemco Contracting Company Limited. The financing was arranged in connection with the performance of its obligations under contracts for the design, engineering, construction, installation and commissioning of 36 new gas turbines for Saudi Electricity Company's Power Project #10 in the Kingdom of Saudi Arabia.

The Initial Mandated Lead Arrangers were Arab National Bank, Banque Saudi Fransi, The National Commercial Bank, Riyad Bank, Samba Financial Group and Saudi Hollandi Bank.  Banque Saudi Fransi acted as issuing bank, facilities agent, security agent and account bank.

The facilities comprised a LC Issuing Facility, Acceptance Facility, Revolving Short Term Facility, Progress Payment Facility, LC Post-Finance Facility, Advance Payment Guarantee Facility and Performance Bond Facility.  The Finance Documents were governed by Saudi Arabian law.

The Baker & McKenzie financing team was led by Bahrain based partner Caroline Long, who commented: "We are pleased to have assisted the Initial Mandated Lead Arrangers on this important financing. This deal showcased our ability to advise our clients on complex, multiple trade finance facilities transactions." 

The Baker & McKenzie team also included associate Omar Al Ansari.