Riyad Bank intends to redeem international bonds worth $1.5 billion

Riyad Bank intends to redeem the second tranche fixed-rate bonds worth $1.5 billion due in 2030, in full, at their nominal value (100% of the issue price) by the end of the fifth year (February 25, 2025).
The company noted in a statement to the Saudi Tadawul that it issued sukuk on February 25, 2020, with a total value of $1.5 billion, and an effective maturity of 10 years, maturing on February 25, 2030 AD.
According to the terms and conditions of the Sukuk, Riyad Bank can request Riyad Sukuk Company Limited, as the issuer, to redeem the Sukuk on February 25, 2025. Regulatory approval has been obtained in this regard.
It stated that the redemption amount together with any periodic distribution due but unpaid by or on behalf of Riyadh Sukuk Company Limited would be paid on February 25, 2025 to the relevant sukuk holders in accordance with the terms and conditions of the sukuk.
It stated that the total number of bonds recovered was 7,500, based on the minimum value and total size.
The nominal value of the instrument upon redemption is $200,000.