10 Feb 2025
| Element List | Explanation |
|---|---|
| Introduction | Saudi Electricity Company ("SEC") announces its intention to commence holding meetings with fixed income investors commencing on 10-02-2025 (corresponding to 11-08-1446 H). 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 HSBC, Standard Chartered Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Mizuho, MUFG, SMBC, Intesa Saopaolo, Alistithmar Capital, BofA Securities, ICBC, BNP PARIBAS, Emirates NBD Capital, Natixis, Dubai Islamic Bank PJSC, Bank of China and SNB Capital as Joint Lead Managers in relation to the Potential Offer. |
| Offer Type | U.S. dollar denominated senior unsecured Sukuk. |
| Date of the board’s decision | 2024-12-17 Corresponding to 1446-06-16 |
| Value of the offer | The issuance amount will be determined at a later stage based on market conditions and SEC’s requirements. |
| The Purpose of the offer | To fund SEC's general corporate purposes, including capital expenditures; and/or if so specified in the applicable issuance Final Terms, to fund portfolio of Eligible Projects as set out in SEC’s Green Sukuk Framework. |
| Approvals | The offer of the Sukuk will be subject to the approval of the relevant regulatory authorities and will be made in compliance with applicable laws and regulations. |
| 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. |
