SEC announced commencement of its U.S. Dollar-denominated Sukuk offer under its international Sukuk program

Saudi Electricity Company (SEC) announced that it has commenced the Sukuk Offering under its international Sukuk issuance programme established on 31/03/2023. The Sukuk Offering will be through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom of Saudi Arabia and internationally.

The company said that the maturity period of the Sukuk is 5 and/or 10 years, depending on market conditions, and it is possible to redeem the Sukuk before its maturity date in certain cases, as detailed in the basic prospectus for the Sukuk.

The minimum subscription is US$200,000 in increments of US$1,000, and the nominal value is US$200,000.

The Company has mandated Standard Chartered Bank, HSBC Bank plc, SMBC Nikko Capital Markets Limited, MUFG Securities EMEA plc, Mizuho International plc, J.P. Morgan Securities plc, Al Rajhi Capital, First Abu Dhabi Bank, Mashreq Bank, Dubai Islamic Bank PJSC, KFH Capital Investment Company KSCC and Bank of China PJSC as Joint Lead Managers in relation to the Potential Offer.

Additional Information:

The Sukuk will be listed on the London Stock Exchange. The Sukuk may be sold in reliance on Regulation S under the US Securities Act of 1933, as amended.

It is worth noting that the offer end date referred to above is the expected date of completion of the Sukuk Offering, subject to market conditions.