Rawabi Holding Company successfully closes the fourth series under its SAR 2.5 billion Sukuk program, issuing SAR 500 million Sukuk

The Fourth Series follows three successful issuances since the Sukuk Programme was established in March 2020. Albilad Capital, Alinma Investment Company, Riyad Capital and Samba Capital & Investment Management Company acted as joint lead managers and bookrunners for the Fourth Series. Simmons & Simmons Middle East LLP acted as transaction adviser

  

On 15 March 2021, Rawabi Holding Company (“Rawabi” or the “Company”) had successfully concluded its fourth issuance of SAR 500 million Sukuk due 2023 (“Fourth Series”) under the Sukuk program update of SAR 2.5 billion established by a special purpose vehicle (“Sukuk Programme”). The Fourth Series follows three successful issuances since the Sukuk Programme was established in March 2020. Albilad Capital, Alinma Investment Company, Riyad Capital and Samba Capital & Investment Management Company acted as joint lead managers and bookrunners for the Fourth Series. Simmons & Simmons Middle East LLP acted as transaction adviser.

Ahmad Al-Shubbar, Vice President, Treasury & Strategy, at Rawabi said: “Following the successful issuance of three series totaling almost SAR 1.16 billion under the Sukuk Programme in 2020, we believed the Fourth Series is even more successful where we attracted a total order of approximately SAR 1.72 billion against the planned issuance size of SAR 500 million for the Fourth Series.

The investors base is well diversified and largely consists of fund managers, individuals, government agencies and insurance companies, thus accomplishing our primary aspiration in establishing the Sukuk Programme which is to diversify our funding sources away from the traditional bank financing as well as garnering significant participation from non-bank investors in the Sukuk Programme.

We are also pleased to announce Capital Intelligence Ratings (“CI”) has assigned a first-time issue rating of ‘saA-’ with a “Stable” outlook on the Saudi Arabia National Scale to the Fourth Series. The rating is driven by CI’s assessment of the fundamental credit strength and general repayment capacity of Rawabi.”

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About Rawabi Holding Company

Aspired to be a leading global provider of products and services to a diversified range of key industries, with a focus on Oil & Gas industry.

Through its fully owned subsidiaries and controlled companies, namely Rawabi Energy, Rawabi Oil & Gas (ROG), Rawabi Vallianz Offshore Services (RVOS) and Vallianz Holdings Limited (VHL), Rawabi provides a wide range of supply to the upstream, downstream and midstream sectors in the oil and gas Industry supported by a wide range of oilfield services that covers drilling, intervention and productions activities. Additionally, the group operate a large young fleet of offshore service vessels and jack-up barges in the MENA, Europe, North and South America and Far East.

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