Saudi Electricity Co. (SEC) commences today, Sept. 10, the issuance of dollar-denominated fixed rate RegS senior unsecured international green sukuk.
The value of the issuance, ending on Sept. 11, 2020, is subject to market conditions, the company said in a bourse statement.
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Sukuk Details |
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Issuance type |
Dollar denominated fixed rate RegS senior unsecured international green sukuk |
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Issuance amount |
To be determined according to market conditions |
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Issuance start date |
Sept. 10, 2020 |
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Issuance end date |
Sept. 11, 2020 |
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Issuance target group |
Institutional investors (qualified in the jurisdiction in which the offering will be made in accordance with the rules and regulations of such jurisdictions) |
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Underwriter |
First Abu Dhabi Bank, HSBC, JPMorgan, MUFG and Standard Chartered Bank |
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Minimum subscription |
$200,000 and integral multiples of $1,000 in excess, thereof, subject to market conditions |
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Listing price |
Subject to market conditions |
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Par value |
Subject to market conditions |
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Return |
Subject to market conditions |
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Maturity |
5 to 10 years, subject to market conditions |
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Redemption |
On maturity and early redemption following a change of control event |
SEC further added that the issuance will be under RegS regulations as the stabilization rules of the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA) will also apply to it.
The issuance will be listed on the Irish Stock Exchange (Euronext Dublin).
The issuing end date is the expected date of the end of the offering, subject to market conditions, the statement noted, adding that SEC will announce further developments in due course.
According to data compiled by Argaam, SEC started, on Sept. 9, holding calls with fixed income investors in Asia, Europe and the Middle East in preparation for potential issuance of dollar-denominated fixed rate RegS senior unsecured international green sukuk.
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