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Saudi Electricity Co. announces the start of issuing an International Green Sukuk

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10/9/2020

Element List

Explanation

Introduction

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.

Issuance Type

US$ fixed rate RegS Senior Unsecured International Green Sukuk.

Issuance Amount

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).

Underwriter

First Abu Dhabi Bank (“FAB”), HSBC, J.P. Morgan, MUFG and Standard Chartered Bank.

Minimum Subscription

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.

Par Value 

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.

Additional Information

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.