Saudi Electricity hosts investor meetings for two-part sukuk offering

Chicago, April 3 – Saudi Electricity Co. with Saudi Electricity Sukuk Programme Co. listed as issuer started investor meetings on March 31 for a two-part sukuk offering, according to announcements.

The company is selling a dollar-denominated benchmark offer with a 10-year tranche marked as green and a 30-year tranche coming as a conventional sukuk.

The notes are being distributed via Regulation S.

HSBC Bank plc, Standard Chartered Bank, J.P. Morgan Securities plc, First Abu Dhabi Bank, MUFG Securities EMEA plc, Mizuho International plc, SMBC Nikko Capital Markets Ltd., SNB Capital, Al Rajhi Capital, Saudi Fransi Capital, Abu Dhabi Islamic Bank, Bank of China, PJSC, Abu Dhabi Commercial Bank, Natixis and Societe Generale were given the mandate as joint lead managers.

Proceeds will be used for general corporate purposes, including capital expenditures. The green offering will be used to fund a portfolio of eligible green projects as set out in the company’s green framework.

The issuer is a majority state-owned electricity company.

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