The National Commercial Bank (NCB) announces the redemption of its SAR 5 billion Tier 2 Sukuk due 2024
| Element List | Explanation |
|---|---|
| Introduction | The National Commercial Bank (NCB) announces its intention of early redemption of its SAR 5 billion Tier 2 Sukuk on 25th February 2019, in full, at face value.
The Sukuk were offered through private placement on the 25th of February 2014, for an amount of SAR 5 billion, qualifying as Tier 2 subordinated debt in accordance with the Basel III framework. Where the original maturity date for the Sukuk is 25th February 2024, NCB intends to redeem the Sukuk at the contractual call date of 25th February 2019, where the face value of the Sukuk and any periodic (profit) distribution amount payable (for the period ending February 2019) will be transferred to Sukukholders at this date, based on their respective holdings as of 14th February 2019 (start of the Sukuk trading suspension period).The required regulatory approval has been obtained in this regard |
| Issuing type | Subordinated (Tier 2) |
| Amount of redeemed (bonds/sukuk) | SAR 5 Billion |
| Percentage of redeemed (bonds/sukuk) from total issued (bonds/sukuk) | 100 % |
| Number of redeemed (bonds/sukuk) | 5000 Sak |
| Issue date | 2014-02-25 Corresponding to 1435-04-25 |
| Expiry date | 2024-02-25 Corresponding to 1445-08-15 |
| Face value of the sukuk at redemption | SAR 1,000,000 per Sak |
| Total issuance value after redemption | 0 |
| Date of depositing the amounts in the (bonds/sukuk) holders accounts | 25th of February 2019 (corresponding to 20/6/1440) |
| Name of the entity responsible for the deposit and communication methods. | HSBC Saudi Arabia (Paying Agent & Sukukholders’ Agent) |
| Additional Information | Further information may be obtained from Shareholders Affairs at Tel +966 12 646 4000 . |
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