SNB intends to redeem sukuk worth SAR 1.3 bln

Logo of Saudi National Bank (SNB)

Saudi National Bank (SNB) intends to redeem its SAR 1.3 billion Additional Tier 1 Capital Sukuk on June 5, 2023, in full and at face value.

The sukuk were issued on June 5, 2017, for SAR 1.3 billion, qualifying as additional tier 1 capital, in accordance with the Saudi Central Bank (SAMA) regulations, SNB said in a statement to Tadawul.

SNB elected to redeem the sukuk at the contractual first call date of June 5, 2023, where the face value of the Sukuk (and any periodic profit distribution amount payable for the period ending, but excluding, June 5, 2023) will be transferred to sukukholders on June 5, based on their respective holdings on May 21, 2023.

The required regulatory approval has been obtained, it added.

Issue Summary
Issue type	Additional Tier 1 Capital Sukuk
Value of the redeemed sukuk	SAR 1.3 bln
Percentage of redeemed Sukuk out of total issued Sukuk	100%
Total number of redeemed Sukuk	1,300
Issuance date	June 5, 2017
Trading End Date	June 5, 2023
Sukuk par value at redemption date	SAR 1 mln per sakk
Date of depositing the amounts in the Sukuk holders’ accounts	June 5, 2023
Name of entity responsible for deposit and contact details	SNB Capital in its capacity as Sukuk holders' agent and payment administrator

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