ACWA Power completes local sukuk issue worth SAR 1.8 bln

Logo of ACWA Power

ACWA Power Co. completed on Feb. 1 the issuance of unlisted SAR-denominated sukuk through a private placement within its local Sukuk program.

 

In a statement to Tadawul, ACWA Power said it appointed HSBC Saudi Arabia and SNB Capital as joint lead managers and bookrunners.

 

The offering is part of ACWA Power Sukuk Issuance Program of SAR 5 billion, which is described in the company's IPO prospectus, it noted.

 

Sukuk Details

Offer Type

SAR-denominated sukuk through a private placement

Offer Value

SAR 1.8 billion

Number of Sukuk/Bonds

1,800

Par Value

SAR 1 mln

Sukuk Return

3-month SAIBOR

+0.95% per annum from Feb. 1, 2023

+1.05% per annum from (and including) the fifth anniversary of the issue date

Maturity

7 years with a redemption option in the fifth year from the issue date

Terms of Redemption       

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

 

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