Saudi Electricity starts USD-denominated sukuk offer

Logo of Saudi Electricity Co. (SEC)

Saudi Electricity Co. (SEC) commenced USD-denominated senior unsecured sukuk offering under its international sukuk issuance program.

 

 In a statement to Tadawul, the company said that the offering will be through a special purpose vehicle and for eligible investors in Saudi Arabia and internationally. Final value and offer terms will be determined based on the market conditions.

 

The following table illustrates the details of the offering:

 

Sukuk Details

Offering Type

US dollar-denominated senior unsecured sukuk

Offering Value

The final value and the offering terms will be determined based on market conditions

Start Date

Feb. 6, 2024

End Date

Feb. 7, 2024

Target Investor Category

Qualified investors in Saudi Arabia and internationally

Managers

Standard Chartered, HSBC Bank, SMBC Nikko Capital Markets, MUFG Securities EMEA, Mizuho International, J.P. Morgan Securities, Al Rajhi Capital, First Abu Dhabi Bank, Mashreq Bank, Dubai Islamic Bank, KFH Capital Investment, and Bank of China are joint lead managers for the potential offer.

Minimum Subscription

$200,000 and in increments of $1,000

Offering Price

Determined according to market conditions

Nominal Value

$200,000

Sukuk Return

Determined according to market conditions

Maturity

5 or 10 years according to market conditions

Terms of Redemption

The sukuk may be redeemed prior to the scheduled maturity date in certain cases as detailed in the base prospectus in relation to the sukuk
 

This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the sukuk, the statement said.

 

SEC will announce any material developments in due course as required by the relevant rules and regulations.

 

The company also noted that the offer end date referred to above is the expected date of completion of the offering, subject to market conditions.

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