Almarai to meet investors for potential dollar sukuk issuance in February

Saudi Almarai will hold a series of fixed income investor meetings as of Feb. 21 in Asia, Europe, and the Middle East for potential international sukuk issuance, the company said in a bourse statement.  

HSBC and First Abu Dhabi Bank were mandated as joint global coordinators, with

GIB Capital, JP Morgan and Standard Chartered Bank as joint lead managers.

The dairy producer’s issuance will be through a fixed rate senior unsecured US dollar denominated RegS sukuk.

“The issuance amount is subject to market conditions,” Almarai added, noting that sukuk will be issued for general corporate purposes and debt refinance.

The planned issuance is subject to the approval of competent authorities. The stabilization rules of the Financial Conduct Authority (FCA) the International Capital Market Association (ICMA) will also apply to the issuance, the statement added.

In September 2015, the Gulf region’s largest dairy producer raised SAR 1.6 billion from sukuk issue, Argaam earlier reported.