•  

Saudi Electricity Co. Announces a Successful Issuance of a USD 1.3 billion Dual Tranches International Green Sukuk.

back »
13/9/2020

Element List

Explanation

Issuance Type

US$ fixed rate RegS Senior Unsecured International Green Sukuk.

Introduction

Addendum to the announcement from Saudi Electricity Co. (SEC) published on the website of the Saudi Stock Exchange (Tadawul) on 10/09/2020 corresponding to 22/01/1442 HD relating to the start of issuing an International Green Sukuk. SEC is pleased to announce that it has successfully completed the issuance of a $US 1.3 billion dual tranche International Green Sukuk;

Issuance Type

US$ fixed rate RegS Senior Unsecured International Green Sukuk.

Issuance Amount

A 5 year tranche of US$ 650 million (equivalent to SAR 2,438 mn), and

A 10 year tranche of US$ 650 million (equivalent to SAR 2,438 mn)

Total number of (Bonds/Sukuk)

6,500

Par Value (Bonds/Sukuk)

US$ 200,000

Return (Bonds/Sukuk)

A fixed profit rate of 1.74 % p.a. for the 5 year tranche, and

A fixed profit rate of 2.413 % p.a. for the 10 year tranche.

Maturity (Bonds/Sukuk)

5 and 10 year.

Terms of Redemption

Redemption on maturity and early redemption following a change of control event.

Additional Information

The order book of the issuance was opened in the morning of 10/09/2018 and closed in the same day with a total orders value for both tranches exceeding 5.2 billion dollars.

The Green Sukuk issuance received high demand from international investors in the Middle East, Asia, and Europe, and was ~4 times oversubscribed, as well as it was priced 10 and 15 basis points inside SEC’s yield curve for the 5 and 10 year tranches respectively.

The issuance will be listed on the Irish Stock Exchange (Euronext Dublin).