stc wraps up $2B sukuk issue in 2 tranches

stc said that the sukuk will be listed on the International Securities Market of the London Stock Exchange

Saudi telecom giant stc announced the completion of USD-denominated international trust certificates (sukuk) worth $2 billion in two tranches, according to a Tadawul statement.

 

Issuance Details

Type

US dollar-denominated sukuk

Offering Amount

1st tranche: $750 mln

2nd tranche: $1.25 bln

Total Number of Sukuk

1st tranche: 3,750

2nd tranche: 6,250

Nominal Value

$200,000

Return

1st tranche: 4.489%

2nd tranche: 5.083%

Maturity

1st tranche: 5 years

2nd tranche: 10 years

Terms of Redemption

May be redeemed under certain conditions, as specified in the sukuk issuance prospectus
 

The sukuk will be listed on the International Securities Market of the London Stock Exchange, the company said.

 

The sukuk was issued in accordance with Rule 144A/Reg S offering requirements under the US Securities Act of 1933, as amended.

 

According to data available with Argaam, stc recently announced the start of issuing USD-denominated sukuk under its international sukuk issuance program of up to $5 billion, through a special purpose vehicle (SPV) to be established outside Saudi Arabia.

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