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Saudi Electricity Company announces that it has commenced the offer of its U.S. Dollar denominated Sukuk under its international Sukuk programme
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement from Saudi Electricity Company (SEC), published on the website of the Saudi Exchange (Tadawul) on 05/02/2024G (corresponding to 24/07/1445H), regarding its intention to issue a U.S. Dollar denominated senior unsecured Sukuk (the Sukuk Offering), SEC announces that it has commenced the Sukuk Offering under its international Sukuk issuance programme established on 31/03/2023G (corresponding to 09/09/1444H). The Sukuk Offering will be through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom of Saudi Arabia and internationally. |
| Offer Type | U.S. dollar denominated senior unsecured Sukuk. |
| Value of the offer | The amount and terms of the Sukuk will be determined subject to the market conditions. |
| Offering start Date | 2024-02-06 Corresponding to 1445-07-25 |
| Offering end Date | 2024-02-07 Corresponding to 1445-07-26 |
| The targeted class of the issuance | Eligible investors in the Kingdom of Saudi Arabia and internationally. |
| Name of Issuance Manager | 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. |
| Minimum Subscription | USD 200,000 and in increments of USD 1,000 in excess thereof. |
| Offer Price (Sukuk /Bonds) | Subject to market conditions |
| Par Value | USD 200,000 |
| Return (Sukuk /Bonds) | Subject to market conditions |
| Maturity (Sukuk /Bonds) | 5 and/or 10 years, subject to market conditions. |
| Terms of Redemption | The Sukuk may be redeemed prior to the scheduled maturity date in certain cases as detailed in the base prospectus in relation to the Sukuk. |
| Additional Information | This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the Sukuk. SEC will announce any other relevant material developments in due course as required by the relevant rules and regulations. The Sukuk will be listed on the London Stock Exchange. The Sukuk may be sold in reliance on Regulation S under the US Securities Act of 1933, as amended. It is worth noting that the offer end date referred to above is the expected date of completion of the Sukuk Offering, subject to market conditions. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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