DUBAI, March 30 (Reuters) - Saudi Electricity Company (5110.SE), which is almost 75%-owned by Saudi Arabia's sovereign Public Investment Fund, is planning to issue Islamic bonds denominated in U.S. dollars, it said in a bourse filing on Thursday.
SEC hired HSBC, Standard Chartered, JPMorgan Securities, First Abu Dhabi Bank, MUFG Securities, Mizuho, SMBC Nikko, SNB Capital, Al Rajhi Capital, Saudi Fransi Capital, Abu Dhabi Islamic Bank, Bank of China, Abu Dhabi Commercial Bank, Natixis, and Societe Generale as joint lead managers for the debt sale.
The banks will hold meetings with fixed-income investors starting on Friday ahead of the sale of the bonds, or sukuk, as they are known. The proceeds from the sukuk may be in a green format, SEC, which is the kingdom's electric transmission monopoly, said.
"The issuance amount will be determined at a later stage based on market conditions and SEC's requirements at that time," it said.
Proceeds from the sukuk will be used for general corporate purposes, including capital expenditure, or if issued as green sukuk to fund eligible projects under the company's Green Sukuk Framework, SEC said.
SEC became the kingdom's first issuer of green bonds in 2020 when it raised $1.3 billion from a sale of a two-tranche green sukuk.
Last month, it raised 10 billion riyals ($2.66 billion) via a syndicated loan from nine local banks, including the Saudi branch of Qatar National Bank.
In August last year, it raised $3 billion from another syndicated loan provided by 15 regional and international banks.
($1 = 3.7536 riyals)
