Saudi Ma’aden prices $1.25bn debut sukuk, 9.2 times oversubscribed with $11bn in orders.
The Saudi Arabian Mining Co., or Ma’aden, priced its $1.25 billion debut sukuk, oversubscribed by 9.2 times, with demand exceeding $11 billion for the five and ten-year tranches, according to an official statement.
In a bourse filing, the company said it had completed the sukuk issuance through US dollar-denominated trust certificates, adding that they will be listed on the London Stock Exchange’s International Securities Market and may be sold under Regulation S and Rule 144A of the amended US Securities Act of 1933.
The Tadawul statement said Ma’aden’s $1.25bn Shariah-compliant bond was issued in two tranches, including a five-year $750m tranche at 5.25 percent and a 10-year $500m tranche at 5.5 percent. The issuance includes 3,750 trust certificates for the five-year tranche and 2,500 for the 10-year, each valued at $200,000. Settlement is set for Feb. 13.
Source: ARABNEWS
