Saudi Electricity Company (SEC) has begun offering its U.S. dollar-denominated senior unsecured Sukuk under its international Sukuk issuance programme. The announcement follows a previous statement on the Saudi Exchange (Tadawul) regarding SEC’s intention to issue these securities.
The Sukuk will be offered through a special purpose vehicle and is targeted at eligible investors both in Saudi Arabia and internationally. The offer period started on January 15, 2026, and is expected to end on January 16, 2026, depending on market conditions.
SEC has appointed several financial institutions as Joint Lead Managers for this offering. These include J.P. 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 “ICD”, Intesa Sanpaolo, Industrial and Commercial Bank of China, SMBC, and SNB Capital.
The minimum subscription amount is set at USD 200,000 with increments of USD 1,000 above that amount. Details such as the total value of the offer and return rates will be determined based on prevailing market conditions. The par value for each Sukuk is USD 200,000.
According to SEC’s statement: “This announcement is not intended as an invitation or offer to purchase, acquire or subscribe to any securities and is subject to the terms and conditions of the Sukuk. SEC will announce any other relevant material developments in due course as required by the relevant rules and regulations.The Sukuk will be listed on the London Stock Exchange’s International Securities Market.”
The company also noted that “The Sukuk will be offered, sold and delivered only outside the United States in offshore transactions to non-U.S. persons in reliance on Regulation S under the US Securities Act of 1933, as amended from time to time.”
The redemption terms allow for possible early redemption before maturity in specific cases outlined in the base offering circular related to this issuance.
