Riyadh – Mubasher: Saudi Electricity Company (SEC) will begin holding calls with fixed-income investors in preparation for potential issuance of US dollar-denominated fixed-rate RegS Senior Unsecured International Green Sukuk.
The issuance amount will be determined as per market conditions and SEC’s requirements, according to a stock exchange filing on Wednesday.
Saudi’s main electricity producer will use the issue, which is subject to approvals of relevant official authorities, to finance certain eligible green capital projects.
Moreover, the issuance will be carried out as per the stabilisation rules of the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA).
SEC appointed HSBC and MUFG as Green Structuring Advisors along with First Abu Dhabi Bank (FAB), HSBC, J.P. Morgan, MUFG and Standard Chartered Bank as Joint Lead Managers to arrange a series of fixed income investor calls in Asia, Europe, and the Middle East starting as of 9 September 2020.
“The potential offering of the green Sukuk will be limited to qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions,” the statement concluded.