Maaden starts issuing USD-denominated sukuk

Saudi Arabian Mining Co. (Maaden) headquarters

Saudi Arabian Mining Co. (Maaden) initiated a USD-denominated sukuk offering under its International Trust Certificate Issuance Program, the company said in a statement to Tadawul.

The size and terms of the sukuk offering will depend on market conditions.

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Details
Offer Type	USD-denominated sukuk
Offer Value	To be determined based on market conditions
Start Date	Feb. 6, 2025
End Date	Feb. 7, 2025
Target Class	Qualified investors within and outside Saudi Arabia
Issuance Manager	Citigroup, HSBC, Al Rajhi Capital, BNP Paribas, GIB Capital, JP Morgan, Natixis, Saudi Fransi Capital, SNB Capital, and Standard Chartered as joint lead managers.
Minimum Subscription	$200,000, in SAR 1,000 increments
Offering Price	Subject to market conditions
Nominal Value	$200,000
Return	Subject to market conditions
Maturity	2 tranches: 5 years and 10 years
Terms of Redemption	Sukuk may be redeemed early due to a material event, as stated in the Trust Certificate Issuance Program.

Maaden said it would disclose any material developments to shareholders in line with applicable rules and regulations.

The announcement does not constitute an invitation or offer to purchase, own, or subscribe to any securities and is subject to the sukuk's terms and conditions, the bank noted.

The certificates will be listed on the International Securities Market of the London Stock Exchange plc. The certificates may only be sold as per Regulation S under the US Securities Act of 1933, as amended.

The issue end date referred to above is the expected offering end date, which is subject to market conditions.

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