BSF plans early redemption of SAR 2 bln sukuk

The Banque Saudi Fransi (BSF) disclosed its intention of early redemption of its SAR 2 billion Tier 2 Sukuk on June 18, 2019, in full, at face value, the bank said in a bourse statement.

The Sukuk were issued on the June 18, 2014, for an amount of SAR 2 billion, qualifying as Tier 2 subordinated debt in accordance with the Basel III framework.

Where the original maturity date for the Sukuk is June 18, 2024, he bank plans to redeem the Sukuk at the contractual call date of June 18, 2019, where the face value of the Sukuk and any periodic (profit) distribution amount payable (for the period ending June 18, 2019) will be transferred to Sukukholders at this date, based on their respective holdings as of June 11, 2019.

The required regulatory approval has been obtained in this regard, the statement added.