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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