Saudi Electricity seeks to extend 2030 riyal-denominated sukuk

By Christine Van Dusen

Atlanta, March 15 – Saudi Electricity Co. (SECO) is looking to extend its riyal-denominated issue of Islamic bonds due in 2030, a market source said.

HSBC Saudi Arabia, NCB Capital and Samba Capital are serving as financial advisers for the transaction.

The company is expected to hold discussions with sukukholders. If they do not elect to extend the purchase date or cannot agree on extension terms, SECO will purchase the sukuk on the original date in May.

SECO, which is an electricity utility based in Riyadh, has SAR 7 billion maturing in 2030.

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