SEC Completes $2.75 Billion Sukuk Issuance

Saudi Electricity Company (“SEC”) announced on Wednesday the completion of its issuance of dual-tranche sukuk worth $2.75 billion, including a green sukuk tranche.

SEC explained that the total number of sukuk is 13,750 sukuk, and the nominal value of the sukuk is $200,000. It added that the sukuk return for the 5-year tranche is 5.225% annually, compared to 5.489% annually for the 10-year tranche.

The Company indicated the possibility of redeeming the sukuk before their maturity date in certain cases, as detailed in the basic issuance prospectus for the sukuk.