Logo of Saudi Electricity Co. (SEC)
Saudi Electricity Co. (SEC) said its US dollar denominated senior unsecured sukuk offering under its international sukuk issuance program will run for two days, starting today, Feb. 11, according to a Tadawul statement.
The offering will be through a special purpose vehicle to qualified investors in the Kingdom and internationally.
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The offering size and terms will be determined subject to market conditions.
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Details |
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Type |
USD-denominated, senior unsecured sukuk |
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Value |
Subject to market conditions |
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Start Date |
Feb. 11, 2025 |
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End Date |
Feb. 12, 2025 |
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Target Class |
Qualified Investors in Saudi Arabia and abroad |
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Lead Manager |
HSBC, Standard Chartered Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Mizuho, MUFG, SMBC, Intesa Saopaolo, Alistithmar Capital, BofA Securities, ICBC China, BNP PARIBAS, Emirates NBD Capital, Natixis, Dubai Islamic Bank PJSC, Bank of China and SNB Capital |
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Minimum Subscription |
$200,000 and multiples of $1,000 |
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Offering Price |
Subject to market conditions |
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Nominal Value |
$200,000 |
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Return |
Subject to market conditions |
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Maturity Term |
Subject to market conditions |
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Terms of Redemption |
Sukuk may be redeemed prior to the scheduled maturity date in certain cases as detailed in the base offering circular in relation to the sukuk. |
The Saudi utility provider will reveal any other material developments in due course in accordance with the relevant rules and regulations, adding that the sukuk will be listed on London Stock Exchange (LSE).
Sukuk will be offered, sold, and delivered outside the US only, in accordance with transactions to non-US persons, relying on Regulation S of the US Securities Act of 1933, as amended.
Additionally, the company noted that the aforementioned end date is expected, subject to market conditions.
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