ACWA Power starts local sukuk issuance, sets maximum value at SAR 1.8 bln

Logo of ACWA Power

ACWA Power Co. started the issuance of unlisted SAR-denominated sukuk through a private placement within its SAR 5 billion local Sukuk program.

According to a statement to Tadawul, the issuance value was determined at a maximum of SAR 1.8 billion, while the amount and terms of offer will be subject to market conditions.

Sukuk Issuance Details
Offer Type	SAR-denominated sukuk through a private placement
Offer Value	Maximum limit of SAR 1.8 billion. Amount and terms of offer will be set as per market conditions
Start Date	Jan.10, 2023
End Date	Feb. 21, 2023
Target Class	Institutional and qualified clients as defined by the Capital Market Authority (CMA) regulations
Minimum Subscription Limit	SAR 1 mln
Offer Price	As per market conditions
Par Value	SAR 1 mln
Sukuk Return	As per market conditions
Maturity	Seven years with an option to buy in the fifth year from the issue date as per market conditions
Terms of Redemption	Sukuk can be redeemed prior to maturity date in certain cases as detailed in the offering prospectus (related to the Sukuk)
Lead Manager/Bookrunner	HSBC Saudi Arabia and SNB Capital as joint lead managers and bookrunners

The offer will end before Feb. 21, 2023, ACWA Power said, adding that it will announce any other material developments in due course.

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