SEC Plans Dollar-Denominated Sukuk Issuance

Saudi Electricity Company (“SEC”) announced on Monday its intention to hold meetings with fixed income investors starting today, subject to market conditions, to be followed by a sukuk offering under its International Sukuk Programme.

The Company expected in a statement on “Tadawul” that the offering will be made through a special purpose vehicle to qualified investors inside and outside Saudi Arabia.

SEC explained that it has appointed HSBC, Standard Chartered Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Mizuho, MUFG, SMBC, Intesa Saopaolo, Alistithmar Capital, BofA Securities, ICBC, BNP PARIBAS, Emirates NBD Capital, Natixis, Dubai Islamic Bank PJSC, Bank of China and SNB Capital as Joint Lead Managers in relation to the Potential Offer.

The Company revealed that the value of the offering will be determined at a later time based on market conditions and requirements, indicating that it aims through this offering to finance its general purposes, including capital expenditures and/or finance a portfolio of eligible green projects in accordance with the Green Sukuk Framework, as specified in the final terms applicable to the offering.