Saudi Electricity Company Raises USD 1.3 Billion from Debut Green Sukuk Issuance
September 16, 2020
Saudi Electricity Company (SEC), Saudi Arabia’s main power utility company, has raised USD 1.3 billion from its international USD-denominated Green Sukuk issuance, which was launched on the 10th of September 2020, according to media reports.
The RegS Senior Unsecured Green Sukuk, comprised of dual tranches with a total of 6,500 Sukuk bonds issued, amounting to USD 650 million per tranche, at a fixed profit rate of 1.74% per annum for the five-year tranche and 2.413% for the ten-year tranche.
The Green Sukuk issuance, which will be listed on the Irish Stock Exchange, generated high interest from investors and was oversubscribed almost 4x, with the order book coming in at over...