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Saudi Electricity Company (SEC) has mandated banks for a potential dollar-denominated senior unsecured sukuk coinciding with securing a five-year financing facility of up to $1.5 billion.
SEC has mandated JP Morgan, HSBC, BOFA Securities, Abu Dhabi Commercial Bank, DIB, Emirates NBD, First Abu Dhabi Bank, Kuwait Finance House Capital, Standard Chartered Bank, Al Rajhi Capital, Alinma Capital Company, Bank of China, The Islamic Corporation for the Development of the Private Sector, Intesa Sanpaolo, Industrial and Commercial Bank of China, SMBC, and SNB Capital as joint lead managers.
Earlier this week, the state-backed energy company secured its third loan in less than six months with a base size of $1 billion and a greenshoe option to increase the loan to $1.5 billion, LPC reported.
The Tadawul-listed company has Saudi’s sovereign wealth fund, the Public Investment Fund (PIF), as its major shareholder, with a 74.3% stake, with Saudi Aramco holding a 6.9% stake.
(Writing by Bindu Rai, editing by Seban Scaria)
