Bank Albilad plans to redeem SAR 1.06 bln outstanding Tier 2 capital sukuk

26/07/2021 Argaam

Bank Albilad building


Bank Albilad announced its intention to redeem the outstanding SAR-denominated regulatory Tier 2 capital sukuk, due 2026, in full at face value on Aug. 30, the lender said in a statement to Tadawul.

 

The value of the outstanding sukuk currently stands at SAR 1.06 billion.

 

The sukuk was issued by way of a private placement on Aug. 30, 2016, with an aggregate face value of SAR 2 billion and original maturity of 10 years, due on Aug. 30, 2026.

 

Regulatory approvals were obtained in this regard, the statement said.

 

The bank will transfer the redemption value, in addition to the periodic distribution amount (the profit for the period ending Aug. 30, 2021), to the accounts of the sukuk holders on Aug. 30, 2021, based on their registered ownership at the beginning of work on Aug. 19, 2021.

 

Sukuk Details

Offer Type

Subordinated (SAR-denominated regulatory Tier 2 capital sukuk)

Value

SAR 2 bln

Redeemed Amount

SAR 1.061 bln

Redeemed Percentage of Total Issue

53.05%

Total Number of Sukuk Redeemed

1,061 Sak

Issuance Date

Aug. 30, 2016

Trading End Date

Aug. 30, 2026

Par Value At Redemption

SAR 1 mln per Sak

Issuance After Redemption

0

Date of Depositing in Sukuk Holders Account

Aug. 30, 2021

Name of the Entity Responsible for the Deposit and Contact Details

Albilad Capital (Sukuk holders’ agent and payment administration)

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