Al-Hazira Bank completes the issuance of additional capital bonds worth 1.46 billion riyals
Bank Al Jazira announced the completion of the issuance of additional first tranche capital sukuk denominated in riyals, in accordance with its program to issue additional first tranche capital sukuk worth 5 billion riyals, through a private placement to qualified investors inside Saudi Arabia.
According to the bank’s statement on the website "Saudi Arabia trading"The value of the offering amounted to 1.464 billion riyals, while the total number of sukuks reached 1,464 (based on the minimum category and the total size of the issue).
The nominal value of the sukuk is 1 million riyals, while the return of the sukuk is 6.35% annually from the date of issuance until March 12, 2031.
The return rate will be re-determined on that date and every 5 years thereafter in accordance with what is stipulated in the applicable final conditions. Related to the Sukuk.
The maturity period of the Sukuk is permanent, and is redeemable after 5 years, while the Sukuk may be redeemed in certain cases as detailed in the basic offering memorandum for the Sukuk.
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