SEC completes sukuk sale worth $2.75B

Saudi Electricity Co. (SEC) headquarters

Saudi Electricity Co. (SEC) announced the completion of a $2.75 billon dual-tranche sukuk offering, including a green tranche, according to a Tadawul statement.

 

Details

Type

US dollar denominated senior unsecured sukuk

Value

First tranche: $1.5 bln

Second tranche (green sukuk): $1.25 bln

 

Total Number of Sukuk

13,750

Nominal Value

$200,000 per certificate

Return

5.225% annually for five-year tenor

5.489% annually for 10-year tenor

 

Maturity

Five years for the first tranche

10 years for the green sukuk tranche

Terms of Redemption           

The sukuk may be redeemed prior to the scheduled maturity date in certain cases as detailed in the base offering circular 

 

The sukuk will be listed on the London Stock Exchange, the company said.

 

It added that the sukuk will be offered, sold, and delivered only outside the US in offshore transactions to non-US persons in accordance with Regulation S under the US Securities Act of 1933, as amended.

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