Saudi Electricity Company announces its intention to establish an international Sukuk programme and to issue U.S. Dollar denominated green and/or conventional Sukuk under it
| Element List | Explanation |
|---|---|
| Introduction | Saudi Electricity Company ("SEC") announces its intention to establish an international Sukuk programme and to commence holding meetings with fixed income investors starting from 31-03-2023. A potential U.S Dollar denominated green and/or conventional Sukuk 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 Bank plc, Standard Chartered Bank, J.P. Morgan Securities plc, First Abu Dhabi Bank, MUFG Securities EMEA plc, Mizuho International plc, SMBC Nikko Capital Markets Limited, SNB Capital, Al Rajhi Capital, Saudi Fransi Capital, Abu Dhabi Islamic Bank, Bank of China, PJSC, Abu Dhabi Commercial bank, Natixis, and Société Générale as Joint Lead Managers in relation to the Potential Offer. |
| Offer Type | U.S. dollar denominated RegS senior unsecured Sukuk |
| Date of the board’s decision | 2023-02-07 Corresponding to 1444-07-16 |
| Value of the offer | The issuance amount will be determined at a later stage based on market conditions and SEC’s requirements at that time. |
| The Purpose of the offer | To fund SEC 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. |
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