iOud completes SAR 50M sukuk issuance; 179.4% covered

Logo of Intelligent Oud Company for Trading (iOud) 

Intelligent Oud Company for Trading (iOud) completed the offering and subscription for the first tranche of its sukuk issuance program, valued at SAR 300 million, with a coverage ratio of 179.35%.

 

In a statement published on Tadawul, the company said the first issuance tranche under the program amounted to SAR 50 million and the subscription period ran from May 10 to May 14.

 

Sukuk Issuance Details

Type

SAR-denominated senior secured and credit-enhanced sukuk under the sukuk issuance program, structured in accordance with the Mudaraba/Murabaha model and offered through a public offering

Value

SAR 50 mln

No. of sukuk

50,000

Nominal Value

SAR 1,000

Return

10.50% fixed per annum, payable semi-annually

Maturity

Five years from the issuance date of May 20, with an issuer call option exercisable after 24 months from the issuance date and at any time thereafter, subject to the final terms

Redemption Terms

The sukuk will be redeemed at 100% of their aggregate nominal value on May 20, 2031, subject to any purchase, cancellation, or early redemption in accordance with the final terms.
 

In a statement to Tadawul, the company said that following the completion of the allocation for the first tranche of sukuk, 100% of the allocated sukuk were assigned to institutional investors, while qualified investors and retail investors received 56% and 45% of their subscribed sukuk, respectively.

 

The company noted that a “qualified investor” refers to an investor eligible to participate in the Nomu-parallel market, in accordance with the glossary of defined terms used in the regulations and rules of the Capital Market Authority (CMA).

 

It added that receiving entities have been notified to refund excess subscription amounts to eligible investors, with refunds to be completed no later than today.

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