Samba announces intention to offer $5 bln medium term notes

Samba Financial Group (Samba) announced its intention to offer notes under its $5 billion Euro Medium Term Note program, established on July 15, 2019.

The company said in a statement to Tadawul that the offer is expected to be in US dollars through a special purpose vehicle (SPV) pursuant to the terms determined by Samba and subject to market conditions.

The company’s board of directors has approved the establishment of the program and the offer in accordance to the resolution dated Dec. 17, 2018.

The company has mandated Samba Capital & Investment Management Co., Standard Chartered Bank, and Citigroup as joint lead managers for the proposed offer.

“The proposed offer will be used for general corporate purposes,” the company said, adding that it is subject to the approval of the relevant regulatory authorities and will be made in accordance with the applicable laws and regulations.

Samba also noted that the announcement is not intended as an invitation of offer to purchase, acquire or subscribe to any securities.

The company will announce any other relevant material development to its shareholders in due course.