Saudi Arabian Mining Company (Maaden) has completed a $1 billion sukuk issuance.

The sukuk carries a coupon rate of 5.25 percent and has a maturity of 10 years, the mining major said in a statement to the Saudi stock exchange. 

The sukuk will be listed on the London Stock Exchange’s International Securities Market and may be sold in reliance on Regulation S and Rule 144A under the US Securities Act of 1933.

Maaden had mandated Albilad Investment Company, AlJazira Capital Company, Arab Banking Corporation, Bank of China, Hong Kong Branch, BNP Paribas, Citigroup Global Markets Limited, Goldman Sachs International, HSBC Bank, JP Morgan Securities, KFH Capital Investment Company, Merril Lynch International, Mizuho International, Natixis and SNB Capital Company as joint lead managers.

No information was given on the use of proceeds.

In January, Maaden said it added 7.8 million ounces of new gold reserves across four key sites, including operational mines and early-stage discoveries.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, owns a 63.78% majority stake in Maaden

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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