Saudi Arabian Oil Co.’s (Saudi Aramco) board of directors approved, on Nov. 14, the issuance of senior, dollar-denominated bonds, unsecured by assets under its Global Medium-Term Note (GMTN) Program.
The issuance size is subject to market conditions, Saudi Aramco said in a bourse statement.
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Bond Issuance Details |
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Issuance type |
Senior, US dollar-denominated bonds, unsecured by assets |
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Issuance amount |
Subject to market conditions |
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Issuance start date |
Nov. 16 |
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Issuance end date |
Nov. 18 |
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Issuance target group |
Institutional investors (qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions) |
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Underwriter |
Citi, Goldman Sachs International, HSBC, J.P. Morgan, Morgan Stanley and NCB Capital |
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Minimum subscription limit |
$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 |
3, 5, 10, 30 and 50 years subject to market conditions |
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Terms of redemption |
Redemption is based on maturity and issuer call option |
The net proceeds from each bond issuance will be used by Saudi Aramco for general corporate purposes or for any other purpose specified in the final terms for a series of bonds.
JP Morgan and Morgan Stanley were mandated as arrangers and dealers under its GMTN Program. Citigroup, Goldman Sachs International, HSBC and NCB Capital were also hired as dealers.
The arrangers and dealers will organize a series of fixed income investor meetings, starting today, Nov. 16.
The bond issuance will be subject to the approval of the official authorities. It will be issued in accordance with the Rule 144A/Reg S offering requirements under the US Securities Act of 1933, as amended.
The stabilisation rules of the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA) will also apply to the issuance.
Application will be made for the bonds to be admitted to the official list of the FCA and to the London Stock Exchange plc and for such bonds to be admitted to trading on the London Stock Exchange’s Regulated Market.
The issuance end date referred to above is the expected date of the end of the offering, subject to market conditions, the statement added.
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