SABB Announces its Successful Completion of Subordinated Sukuk Private Issuance

31/03/2012 Tadawul

SABB announces that it has successfully closed its transaction of SAR 1.5bn Tier II Sukuk private placement offer in Saudi Arabia on 28 March 2012.

The Sukuk will support the Bank's growth plans and extends the maturity profile of its liabilities while continuing to diversify its sources of funding.

The Sukuk issuance will have 5 years tenor and the coupon of the Sukuk will be SIBOR + 1.2% payable every quarter starting from the second quarter 2012.

The Sukuk issue has taken place after receiving the required approvals from regulatory authorities.

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