Saudi Electricity hires banks to extend sukuk maturity date

Saudi Electricity Co. (SEC) has mandated HSBC Saudi Arabia, NCB Capital and Samba Capital as financial advisers to discuss extending the term of its SAR-denominated sukuk maturing in 2030, the state-owned utility said in statement to Tadawul on Wednesday.

The utility provider will also hold discussions with sukuk holders to extend the purchase date, it said.

However, if sukuk holders do not wish to extend the purchase date or an agreement on the extension is not reached, Saudi Electricity will purchase their sukuk on the original purchase date, May 10, 2017.

Saudi Electricity successfully raised SAR 7 billion in 2010 through its third sukuk (maturing May 10, 2030), according to earlier news reports.