Saudi Electricity starts USD-denominated sukuk offer

Logo of Saudi Electricity Co. (SEC)

Saudi Electricity Co. (SEC) commenced USD-denominated senior unsecured sukuk offering under its international sukuk issuance program.

In a statement to Tadawul, the company said that the offering will be through a special purpose vehicle and for eligible investors in Saudi Arabia and internationally. Final value and offer terms will be determined based on the market conditions.

The following table illustrates the details of the offering:

Sukuk Details
Offering Type	US dollar-denominated senior unsecured sukuk
Offering Value	The final value and the offering terms will be determined based on market conditions
Start Date	Feb. 6, 2024
End Date	Feb. 7, 2024
Target Investor Category	Qualified investors in Saudi Arabia and internationally
Managers	Standard Chartered, HSBC Bank, SMBC Nikko Capital Markets, MUFG Securities EMEA, Mizuho International, J.P. Morgan Securities, Al Rajhi Capital, First Abu Dhabi Bank, Mashreq Bank, Dubai Islamic Bank, KFH Capital Investment, and Bank of China are joint lead managers for the potential offer.
Minimum Subscription	$200,000 and in increments of $1,000
Offering Price	Determined according to market conditions
Nominal Value	$200,000
Sukuk Return	Determined according to market conditions
Maturity	5 or 10 years according to market conditions
Terms of Redemption	The sukuk may be redeemed prior to the scheduled maturity date in certain cases as detailed in the base prospectus in relation to the sukuk

This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the sukuk, the statement said.

SEC will announce any material developments in due course as required by the relevant rules and regulations.

The company also noted that the offer end date referred to above is the expected date of completion of the offering, subject to market conditions.

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