Riyad Bank is planning to fully redeem its SAR 4 billion, subordinated (Tier 2) sukuk on June 24, 2020 at face value, the lender said in a statement to Tadawul on Monday.

 

The 10-year sukuk was originally maturing on June 24, 2025, and the required regulatory approval has been obtained for the early redemption.

 

On June 24, 2015 the bank issued 4,000 Sak with a face value of SAR 1 million each with 10 years maturity.

 

The redemption amount along with the periodic distribution amount (profit for the current period ending June 24, 2020) will be transferred to sukuk holders on that date based on their respective holdings as of June 15, 2020, the statement added.

 

Details of Redemption

Amount of redeemed sukuk

SAR 4 bln

Percentage of redeemed sukuk

100%

Issuance date

June 24, 2015

Trading end date

June 15, 2020

Number of redeemed sukuk

4000 Sak

Sukuk par value

SAR 1 mln

Date of depositing the amount in sukuk holders’ accounts

June 24, 2020

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