Sahara International Petrochemical Company (Sipchem) announces the proposed early redemption of its SAR 1.0 billion Sukuk
| Element List | Explanation |
|---|---|
| Introduction | Sahara International Petrochemical Company (Sipchem) announces the proposed early redemption of its SAR 1.0 billion Sukuk on 18/04/2021G, in full, at face value. The Sukuk was offered through a private placement on 16/06/2016G, for an amount of SAR 1.0 billion. While the original maturity date for the Sukuk is 16/06/2021G (the “Expiry Date”), in accordance with the terms and conditions of the Sukuk, Sipchem intends to redeem the Sukuk early in connection with a financing of the redemption of the Sukuk on a date falling not more than two (2) months before the Expiry Date (such date, the “Refinancing Redemption Date”). The face value of the Sukuk and any periodic (profit) distribution amount payable (for the period up to the Refinancing Redemption Date) will be transferred to Sukukholders on 18/04/2021G, based on their respective holdings as of 07/04/2021G. |
| Offer Type | Sukuk |
| Value of the redeemed (sukuk bonds) | SAR 1.0 billion |
| Percentage of Redeemed (Bonds/Sukuk) out of Total Issued (bonds/sukuk) | 100 % |
| Number of redeemed (bonds/sukuk) | 1,000 Sak |
| Issuance Date | 2016-06-16 Corresponding to 1437-09-11 |
| Trading End Date | Start of the Sukuk trading suspension period: 24/08/1442H
(corresponding to 07/04/2021G) |
| Sukuk Par Value at Redemption Date | SAR 1,000,000 per Sak |
| Total issuance value after redemption | Nil |
| Date of Depositing the Amounts in the (Bonds/Sukuk) Holders Accounts | 2021-04-15 Corresponding to 1442-09-03 |
| Name of the Entity Responsible for the Deposit and Contact Details | NCB Capital in its capacity as the Payment Administrator. Further information in this regard may be obtained from the Payment Administrator at [email protected] |
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