ACWA Power starts local sukuk issuance, sets maximum value at SAR 1.8 bln

10/01/2023 Argaam
Logo ofACWA Power

Logo of ACWA Power


ACWA Power Co. started the issuance of unlisted SAR-denominated sukuk through a private placement within its SAR 5 billion local Sukuk program.

 

According to a statement to Tadawul, the issuance value was determined at a maximum of SAR 1.8 billion, while the amount and terms of offer will be subject to market conditions.

 

Sukuk Issuance Details

Offer Type

SAR-denominated sukuk through a private placement

Offer Value

Maximum limit of SAR 1.8 billion.

 

Amount and terms of offer will be set as per market conditions

Start Date

Jan.10, 2023

End Date

Feb. 21, 2023

Target Class

Institutional and qualified clients as defined by the Capital Market Authority (CMA) regulations

Minimum Subscription Limit

SAR 1 mln

Offer Price

As per market conditions

Par Value

SAR 1 mln

Sukuk Return

As per market conditions

Maturity

Seven years with an option to buy in the fifth year from the issue date as per market conditions

Terms of Redemption       

Sukuk can be redeemed prior to maturity date in certain cases as detailed in the offering prospectus (related to the Sukuk)

Lead Manager/Bookrunner

HSBC Saudi Arabia and SNB Capital as joint lead managers and bookrunners

 

The offer will end before Feb. 21, 2023, ACWA Power said, adding that it will announce any other material developments in due course.

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