Aramco completes $3B international sukuk issuance

Issuance Details

Type

USD-denominated, direct, unsubordinated, unsecured sukuk with limited recourse obligations of SA Global Sukuk Limited

Value

$3 billion

Start of Issuance

Sept. 24, 2024

End of Issuance

Oct. 2, 2024

Target Investors

Institutional investors (Qualified investors in the jurisdictions in which the offering will be made, in accordance with the rules and regulations of such jurisdictions).

Lead Manager

Al Rajhi Capital, HSBC, First Abu Dhabi Bank, Dubai Islamic Bank, Standard Chartered Bank, KFH Capital, Goldman Sachs International, JP Morgan, and Citi are active joint bookrunners.

SMBC Nikko, Alinma Investment, Albilad Capital, MUFG, Abu Dhabi Commercial Bank, BOC International, Emirates NBD Capital, Sharjah Islamic Bank, Mizuho, and NATIXIS are passive joint bookrunners.

Total No. of Sukuk

15,000

Par Value

$200,000 and integral multiples of $1,000

Return

4.25% for sukuk maturing within 5 years, and 4.75% for sukuk maturing within 10 years.

Maturity

5 years and 10 years

Terms of Redemption

Redemption (dissolution) on maturity (scheduled dissolution date); redemption following a dissolution event; early dissolution upon a tax event (at the option of Saudi Aramco); clean-up dissolution right (at the option of Saudi Aramco); dissolution upon a total loss event; tangibility event put right (at the option of sukuk holders); optional dissolution right (at the option of Saudi Aramco); make whole dissolution right (at the option of Saudi Aramco); and change of control put right (at the option of sukuk holders), each to be determined subject to market conditions.