Addendum to the announcement from Saudi Electricity Co. (SEC) published on the website of the Saudi Stock Exchange (Tadawul) on 09/09/2020 corresponding to 21/01/1442 HD relating to its intention to commence holding calls with fixed income investors in preparation for potential issuance of International Green Sukuk. SEC announces the start of issuing an International Green Sukuk.
US$ fixed rate RegS Senior Unsecured International Green Sukuk.
The issuance amount is subject to market conditions.
Issuing Start Date
2020-09-10 Corresponding to 1442-01-22
Issuing End Date
2020-09-11 Corresponding to 1442-01-23
Issuance Target Group
Institutional investors (qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions).
First Abu Dhabi Bank (“FAB”), HSBC, J.P. Morgan, MUFG and Standard Chartered Bank.
U.S $200,000 and integral multiples of U.S.$1,000 in excess thereof, subject to market conditions.
Listing Price (Sukuk /Bonds)
The Sukuk price is subject to market conditions.
The par value is subject to market conditions.
Return (Sukuk /Bonds)
The Sukuk return is subject to market conditions.
Maturity (Sukuk /Bonds)
5 and 10 years, subject to market conditions.
Terms of Redemption
Redemption on maturity and early redemption following a change of control event.
The issuance will be under RegS regulations. The stabilisation rules of the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA) will also apply to the issuance.
The issuance will be listed on the Irish Stock Exchange (Euronext Dublin).
The Issuing End Date referred to above is the expected date of the end of the offering, subject to market conditions.
SEC will announce further developments in due course.