Bank AlJazira to redeem SAR 2B in Tier 2 sukuk

Logo of Bank AlJazira

Bank AlJazira it intends to redeem all of its SAR-denominated Tier 2 sukuk, worth SAR 2 billion, on Dec. 8.

 

The sukuk, originally due in 2031, will be redeemed at par value, equivalent to 100% of their issue price, at the end of the fifth year from the issuance date, the bank said in a statement to Tadawul.

 

The terms and conditions allow the bank to call the sukuk on the periodic distribution date falling on Dec. 8, 2026. Bank AlJazira said it had obtained approval from the relevant regulatory authorities.

 

The redemption amount, along with any accrued and unpaid periodic distributions, will be paid to eligible sukuk holders on Dec. 8.

 

The issuance comprises 2,000 sukuk, each with a nominal value of SAR 1 million. The outstanding value of the issuance will fall to zero following the redemption.

 

Key Details

Item

Details

Value of sukuk to be redeemed

SAR 2 billion

Redemption rate

100%

Number of sukuk

2,000

Nominal value per sukuk

SAR 1 million

Issuance date

Dec. 8, 2021

Original maturity date

Dec. 8, 2031

Redemption date

Dec. 8, 2026

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