“Saudi Electricity” intends to offer international bonds denominated in dollars
The Saudi Electricity Company intends to… "Saudi Electricity"holding meetings with fixed return investors starting from June. It is possible that, depending on market conditions, these meetings will be followed by the offering of sukuks under its international sukuk programme.
The company said in a statement on its website "Saudi Arabia trading"It is expected that the offering will be conducted through a special purpose company to qualified investors inside and outside the Kingdom of Saudi Arabia.
The company appointed JP Morgan, HSBC Bank, Bank of America Securities, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, Kuwait Finance House, Standard Chartered Bank, Al Rajhi Capital, Alinma Financial Company, Bank of China, and the Islamic Development Corporation. The private sector, Intesa São Paulo, the Industrial and Commercial Bank of China, SMBC Bank, and AlAhly Capital Company as issue managers for the potential offering.
She explained that the type of issuance: priority and unsecured sukuk denominated in US dollars.
She noted that the value of the offering would be determined at a later time based on market conditions and the company’s requirements at the time.
She stated that the aim of the offering: to finance the company’s general purposes, including capital expenditures.
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The offering is subject to the approval of the relevant regulatory authorities. This will be done in accordance with the relevant rules and regulations.
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