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SEC starts issuing International Green Sukuk

SEC starts issuing International Green Sukuk
SEC will use the Sukuk issue to finance certain eligible green capital projects
SAUDI ELECTRICITY
5110
0.60% 16.74 0.10

Riyadh – Mubasher: Saudi Electricity Company (SEC) said it began issuing US dollar-denominated fixed-rate RegS Senior Unsecured International Green Sukuk to finance certain eligible green capital projects.

The issue starts on 10 September 2020 and ends on 11 September and its value will be determined as per market conditions, SEC said in a bourse statement on Thursday.

Moreover, it targets institutional investors (qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions).

Saudi’s main electricity producer appointed First Abu Dhabi Bank (FAB), HSBC, J.P. Morgan, MUFG, and Standard Chartered Bank as the issue underwriters.

The minimum subscription limit is $200,000 and integral multiples of $1,000 in excess thereof, subject to market conditions.

Each of the Sukuk price, par value, and Sukuk return will be subject to market conditions. The Sukuk maturity period is five and ten years, subject to market conditions.

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