Contact Information: Contact: Kimberly Brooks 212-827-4378
King & Spalding Represents International Lenders in $100 Million Saudi Arabia Ship Financing Deal
| Source: King & Spalding
DUBAI, UNITED ARAB EMIRATES--(Marketwire - July 5, 2007) - King & Spalding, a leading
international law firm, announced today that it is representing ABN AMRO
Bank N.V. and Saudi Hollandi Bank in connection with a US$ 100 million
financing of the purchase of a cutter suction dredger by Huta Marine Works
Limited from Dutch shipbuilder IHC Holland Beaver Dredgers B.V. The credit
facility agreement and associated documents for this transaction were
executed in Jeddah, Saudi Arabia.
The financing is the first transaction in which the export credit agency
Atradius Dutch State Business N.V. has provided comprehensive insurance
coverage on a loan to a Saudi Arabian company.
Cutter suction dredgers are used primarily for capital dredging and land
reclamation projects. The dredger to be built for Huta will be used
primarily in the development of large-scale coastal projects in the Kingdom
of Saudi Arabia, which have been increasing sharply in recent years.
The King & Spalding legal team on the transaction was led by Patrick
Campos, of the firm's Dubai office, with assistance from Robin Balmer, of
the London office, and Mohammad Al-Ammar, of the Law Office of Mohammad
Al-Ammar (in association with King & Spalding) in Riyadh, Saudi Arabia.
About King & Spalding
King & Spalding is an international law firm with more than 800 lawyers in
Atlanta, Houston, London, New York, Riyadh (affiliated office) and
Washington, D.C. The firm represents half of the Fortune 100, and in a
Corporate Counsel survey in August 2006 ranked as one of the top ten firms
representing Fortune 250 companies overall. For additional information,
visit www.kslaw.com.