Arab National Bank announces the completion of issuing U.S. dollar denominated Tier 2 capital sukuk.
| Element List | Explanation |
|---|---|
| Issuance Type | U.S. dollar denominated Tier 2 capital sukuk. |
| Introduction | With reference to the announcement from Arab National Bank (the “Bank”) published on the website of the Saudi Stock Exchange (Tadawul) on 4/3/1442H (corresponding to 21/10/2020G), relating to the commencement of the Bank’s offer of U.S. dollar denominated Tier 2 capital sukuk (the “Sukuk”) by way of an offer to eligible investors in the Kingdom of Saudi Arabia and internationally, the Bank would like to announce that it has completed the offer of the Sukuk and the settlement of the Sukuk issuance will be on 11/3/1442H (corresponding to 28/10/2020G). |
| Issuance Type | U.S. dollar denominated Tier 2 capital sukuk. |
| Issuance Amount | USD 750,000,000. |
| Total number of (Bonds/Sukuk) | 3,750 (based on the minimum denomination and total issue size). |
| Par Value (Bonds/Sukuk) | USD 200,000 |
| Return (Bonds/Sukuk) | 3.326% per annum fixed rate payable semi-annually in arrear on each Periodic Distribution Date from and including the issue date to but excluding 28 October 2025 (the “Reset Date”). The return rate shall thereafter reset on the Reset Date. |
| Maturity (Bonds/Sukuk) | 28 October 2030, callable on 28 October 2025 (the “Reset Date”). |
| Terms of Redemption | The Sukuk may be redeemed prior to the scheduled maturity date due to:
(1) a Capital Disqualification Event; (2) tax reasons; or (3) on the fifth anniversary of the issue date, subject to the terms and conditions of the Sukuk. |
| Additional Information | The Sukuk will be listed on the Regulated Market of the London Stock Exchange. The Sukuk may be sold in reliance on Regulation S under the US Securities Act of 1933, as amended. The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate. |
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