WFW advised HSBC on US $300 million push facility with SACE for nogaholding

WFW advised HSBC on US $300 million push facility with SACE for nogaholding

International law firm Watson Farley & Williams has advised HSBC Bank Middle East Limited and HSBC Bank plc on a US$300 million financing facility for the Oil and Gas Holding Company B.S.C. (nogaholding).

The financing facility is guaranteed by the Italian Export Credit Agency (SACE) and is designed to provide financial support for key energy projects in the Kingdom of Bahrain. As part of the financing, nogaholding has committed to pre-agreed sustainability objectives, which reflects the increasing focus on sustainability in the energy sector and the role that financial institutions can play in promoting sustainable practices.

The 10-year financing structured as a sustainability-linked loan is part of SACE's Push Strategy programme and aims to increase business opportunities for Italian exporters, strengthening SACE's positioning in a strategic region for Italian exports.

The Push Strategy primarily targets local counterparts of Italian exporters – selected and leading foreign buyers and provides access to medium to long-term financing guaranteed by SACE to support their investment and growth plans.

HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East. SACE is an Italian export credit agency specialising in supporting businesses and the national economy through a wide range of solutions to support competitiveness in Italy and around the world.

The cross-border WFW finance team that advised HSBC and SACE was led by Paris Partner Alexia Russell and Milan Partner Mario D'Ovidio, assisted by Associates Hugues Hounkpati, Amelia Garavaglia, Giulia Chiarvesio, Daniele Sani and Trainees Marta Lomuscio and Jonathan Ford.

In London, Partner Richard Stephens handled the cross-border tax aspects of the transaction, with Partner Andrew Hutcheon advising on the international arbitration and waiver of immunity clauses. Professional Support Lawyer Elaine Ashplant assisted regarding SOFR matters.

Al Tamimi & Company assisted HSBC and SACE on Bahraini law matters with a team comprising Rafiq Jaffer, Natalia Kumar, and Gargi Agarwal.

Latham and Watkins LLP acted as nogaholding's legal counsel.