Saudi Electricity completes $2.2B sukuk issue

07/02/2024 Argaam
Saudi Electricity Co.headquarters

Saudi Electricity Co. headquarters


Saudi Electricity Co. (SEC) completed the issuance of priority unsecured USD-denominated sukuk.

 

The offering includes a five-year maturity tranche (Tranche 1) and a ten-year maturity tranche (Tranche 2), totaling $2.2 billion.

 

Details of Sukuk Issuance

Issuance Type 

Priority unsecured USD-denominated sukuk

Offering Amount 

       - Tranche 1: $800 mln

       - Tranche 2: $1.4 bln

Total numbers (sukuk/bonds)

       - Tranche 1: 4000

       - Tranche 2: 7000

Par Value (sukuk/bonds)

  $200,000

Return (sukuk/bonds)

       - Tranche 1: 4.942% per annum

       - Tranche 2: 5.194% per annum

Maturity Period

       - Tranche 1: 5  years

       - Tranche 2: 10  years

 

The sukuk can be redeemed before their maturity date under certain conditions, as detailed in the base issuance prospectus, the company said in a statement to Tadawul.

 

The sukuk will be listed on the London Stock Exchange. The sukuk may be sold under Regulation S of the US Securities Act of 1993, as amended, the statement noted.

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