Riyadh, Saudi Arabia — Saudi Arabian Mining Company (Maaden) has completed the issuance of $1.25 billion in US dollar-denominated sukuk, offered in a five-year tranche and a 10-year tranche.
The settlement is scheduled for Feb 13, Maaden said in a statement to Tadawul. The five-year tranche of $750 million consists of 3,750 Sukuk based on the minimum denomination and total issue size, while the 10-year tranche of $500 million consists of 2,500 Sukuk.
The statement said the annual return on the five-year tranche is 5.25 percent and 5.50 percent for the 10-year tranche.
It added that Sukuk may be redeemed before the scheduled maturity date under certain conditions as detailed in the offering circular.
The sukuk will be listed on the International Securities Market of the London Stock Exchange. They may only be sold as per Regulation S under the US Securities Act of 1933, as amended.
