($1 = 3.7536 riyals) (Reporting by Yousef Saba; Editing by Sharon Singleton)
DUBAI, March 30 (Reuters) - Saudi Electricity Company , 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.
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