Bank Al Jazira

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ENERGIJA I KOMUNALIJE
Bank Al Jazira
Financial Institution
$800mn Perpetual Sukuk Issuance
Arkad Engineering & Construction
Oil & Gas EPC Contractor
Advised on Restructuring Financial Obligations

Advised Arkad on $800 million Perpetual Sukuk Issuance

Haykala - IMAP Saudi Arabia acted as the lead arranger for the issuance of $800 million in perpetual sukuk under the Capital Market Authority (CMA) for Arkad Engineering & Construction (“Arkad”). Arkad, a leading EPC contractor in Saudi Arabia’s oil and gas pipeline industry, has an extensive track record of delivering high-profile projects, including for Saudi Aramco.

The perpetual sukuk, a quasi-equity instrument, provided Arkad with the flexibility to settle its financial obligations over an extended period through a cash swap mechanism benefiting its creditors. This structure was linked to a cross-default mechanism associated with Arkad’s other debt instruments, with covenants aligned to industry standards.

As part of Arkad's broader financial restructuring, the company successfully restructured 100% of its $800 million debt, utilizing a combination of perpetual sukuk, murabaha loan facilities as payments to banks, creditors, government entities, and employees.

Haykala leveraged its extensive expertise in structuring complex financial instruments and its strong relationships with financial institutions to secure creditor approval and execute this strategic transaction, ensuring Arkad’s long-term financial stability and positioning it for future growth.

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