AI Summary
Aramco says sukuk offer will end on Sept. 17
Saudi Arabian Oil Co. (Saudi Aramco) announced the start of issuing USD-denominated international trust certificates (sukuk) under its SA Global Sukuk Limited’s Trust Certificate Issuance Program.
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In a statement to Tadawul, the company said that the sukuk will be direct, unsubordinated, unsecured and limited recourse obligations of SA Global Sukuk Limited.
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Issuance Details |
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Type |
US dollar-denominated, direct, unsubordinated, unsecured and limited recourse obligations of SA Global Sukuk Limited. |
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Offering Amount |
Subject to market conditions |
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Start Date |
Sept. 10, 2025 |
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End Date |
Sept. 17, 2025 |
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Target Investors |
Institutional investors (qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions). |
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Issuance Manager |
Al Rajhi Capital, Citigroup, DIB, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JPMorgan, KFH Capital and Standard Chartered Bank as active joint bookrunners. Abu Dhabi Commercial Bank, Albilad Capital, Alinma Capital, Bank of China, Emirates NBD Capital, Mizuho, MUFG, Sharjah Islamic Bank and SMBC as passive joint bookrunners. |
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Minimum Subscription Value |
$200,000 with integral multiples of $1,000 in excess thereof, subject to market conditions. |
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Offering price |
Subject to market conditions |
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Nominal Value |
$200,000 |
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Return |
Subject to market conditions |
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Maturity |
Subject to market conditions |
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Terms of Redemption |
Redemption (dissolution) on maturity (Scheduled Dissolution Date); redemption following a dissolution event; early dissolution upon a tax event (at the option of Saudi Aramco); clean-up dissolution right (at the option of Saudi Aramco); dissolution upon a total loss event; tangibility event put right (at the option of certificate holders); optional dissolution right (at the option of Saudi Aramco); make whole dissolution right (at the option of Saudi Aramco); and change of control put right (at the option of certificate holders), each to be determined subject to market conditions. |
The trust certificates issuance will be subject to the approval of the relevant regulatory authorities. In addition, the trust certificates will be issued in accordance with Rule 144A/Reg S offering requirements under the US Securities Act of 1933, as amended.
The stabilization rules of the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA) will also apply to the issuance. Application will be made for the trust certificates to be admitted to the official list of the FCA and to the London Stock Exchange plc and for such trust certificates to be admitted to trading on the London Stock Exchange’s main market.
Meanwhile, the company noted that the issuing end date referred to above is the expected date of the end of the offering, subject to market conditions.
In a separate statement, Saudi Aramco announced its intention to offer international trust certificates (sukuk) pursuant to SA Global Sukuk Limited’s Trust Certificate Issuance Program. The net proceeds will be used by Saudi Aramco for general corporate purposes.
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