Saudi Electricity Company announces its intention to issue U.S. Dollar denominated Sukuk under its international Sukuk programme

Saudi Electricity Company announces its intention to issue U.S. Dollar denominated Sukuk under its international Sukuk programme

05 February 2024 09:03 AM

Element List

Explanation

Introduction

Saudi Electricity Company ("SEC") announces its intention to commence holding meetings with fixed income investors starting from 05/02/2024G (corresponding to 24/07/1445H). A potential U.S Dollar denominated Sukuk under the international Sukuk programme may follow, subject to market conditions. The offer is expected to be through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom of Saudi Arabia and internationally (the "Potential Offer"). SEC has mandated Standard Chartered Bank, HSBC Bank plc, SMBC Nikko Capital Markets Limited, MUFG Securities EMEA plc, Mizuho International plc, J.P. Morgan Securities plc, Al Rajhi Capital, First Abu Dhabi Bank, Mashreq Bank, Dubai Islamic Bank PJSC, KFH Capital Investment Company KSCC and Bank of China PJSC as Joint Lead Managers in relation to the Potential Offer.

Offer Type

U.S. dollar denominated RegS senior unsecured Sukuk.

Date of the board’s decision

2023-12-11 Corresponding to 1445-05-27

Value of the offer

The issuance amount will be determined at a later stage based on market conditions and SEC’s requirements at that time.

The Purpose of the offer

To fund