By Rebecca Melvin
New York, Feb. 26 – Saudi Arabia’s Almarai Co. priced $500 million of 4.311% five-year sukuk (Baa3/BBB-) at par on Tuesday for a yield spread of mid-swaps plus 180 basis points, according to a syndicate source.
The issuer was Almarai Sukuk Ltd., a special-purpose vehicle of the food and beverage group.
The notes priced at revised guidance, which was adjusted from early guidance of mid-swaps plus 190 bps to 200 bps and initial price talk in the mid-swaps plus 225 bps area.
Order books for the offering were $5.3 billion.
First Abu Dhabi Bank, Gulf International Bank, HSBC, JPMorgan and Standard Chartered were joint bookrunners of the Regulation S deal.
Proceeds will be used to repay existing debt and to fund general corporate needs.
| Issuer: | Almarai Sukuk Ltd.
|
| Obligor: | Almarai Co.
|
| Issue: | Sukuk
|
| Amount: | $500 million
|
| Maturity: | March 5, 2024
|
| Bookrunners: | First Abu Dhabi Bank, Gulf International Bank, HSBC, JPMorgan and Standard Chartered Bank
|
| Profit rate: | 4.311%
|
| Price: | Par
|
| Yield: | 4.311%
|
| Spread: | 180 bps over mid-swaps
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 5
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Distribution: | Regulation S
|
| Price talk: | Guided to mid-swaps plus 180 bps from early guidance of mid-swaps plus 190-200 bps and initial talk in mid-swaps plus 225 bps area
|
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