Chicago, Feb. 9 – Saudi Electricity Co. with special purpose vehicle Saudi Electricity Sukuk Programme Co. completed a two-tranche sukuk sale (A), according to multiple notices from the issuer.
The first $800 million tranche priced with a 4.942% profit rate. The maturity date will be Feb. 13, 2029.
The second tranche priced as $1.4 billion of 5.194% certificates due Feb. 13, 2034.
The Regulation S deal was sold by Standard Chartered Bank, HSBC Bank plc, SMBC Nikko Capital Markets Ltd., MUFG Securities EMEA plc, Mizuho International plc, J.P. Morgan Securities plc, Al Rajhi Capital, First Abu Dhabi Bank, Mashreq Bank, Dubai Islamic Bank PJSC, KFH Capital Investment Co. KSCC and Bank of China PJSC as joint lead managers.
Proceeds will be used for general corporate purposes, including capital expenditures.
The listing will be in London.
The issuer is a majority state-owned electricity company.
| Issuer: | Saudi Electricity Sukuk Programme Co.
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| Obligor: | Saudi Electricity Co.
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| Amount: | $2.2 billion
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| Issue: | Sukuk
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| Bookrunners: | Standard Chartered Bank, HSBC Bank plc, SMBC Nikko Capital Markets Ltd., MUFG Securities EMEA plc, Mizuho International plc, J.P. Morgan Securities plc, Al Rajhi Capital, First Abu Dhabi Bank, Mashreq Bank, Dubai Islamic Bank PJSC, KFH Capital Investment Co. KSCC and Bank of China PJSC
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| Trade date: | Feb. 7
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| Ratings: | S&P: A
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| Distribution: | Regulation S
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| Marketing: | Investor meetings
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| Five-year tranche
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| Amount: | $800 million
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| Maturity: | Feb. 13, 2029
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| Coupon: | 4.942%
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|
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| 10-year tranche
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| Amount: | $1.4 billion
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| Maturity: | Feb. 13, 2034
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| Coupon: | 5.194%
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