Saudi Arabian Oil Company, Saudi Aramco, announced the launch of an international sukuk offering.
The company explained, in a statement on Tadawul today, Tuesday, that the value of the offering is determined according to market conditions, indicating that the sukuk will be direct, priority, and unsecured with a limited right of recourse to the assets, which constitute an obligation on (SA Global Sukuk Limited).
Aramco added that the value of the offering will be determined according to market conditions, with the offering starting on September 24, 2024, and ending on October 2.
Aramco said that the offering price will be determined according to market conditions, indicating that the nominal value of the offering is $200,000, and the return and maturity period will be determined according to market conditions.
The company indicated that the target group for the issue is institutional investors (qualified in the countries where the offering will take place, in accordance with the systems and regulations in force in those countries).
She pointed out that the entity responsible for managing the issuance are Al Rajhi Capital, HSBC, First Abu Dhabi Bank, Dubai Islamic Bank PJSC, Standard Chartered Bank, KFH Capital, Goldman Sachs International, JP Morgan, and Citi, the active bookrunners, and SMBC Nikko, Alinma Investment, Albilad Capital, MUFG, Abu Dhabi Commercial Bank PJSC, POCI Asia Limited, Emirates NBD Capital Limited, Sharjah Islamic Bank, Mizuho, and Natixis, the passive bookrunners.
Aramco explained that the conditions for eligibility for redemption are redemption (liquidation) on the due date (the specified date for liquidation); redemption after the occurrence of a liquidation event (Dissolution Event); early liquidation - at Saudi Aramco's discretion - in the event of a tax event (Tax Event); and regulatory liquidation (Clean-Up Dissolution Right) - at Saudi Aramco's discretion.
Aramco stated that liquidation is in the event of a total loss event; the redemption option is available to sukuk holders in the event of a tangible asset sale event (Tangibility Event Put Right); liquidation – at Saudi Aramco’s discretion – in the event of an optional dissolution right; the Make Whole Dissolution Right – at Saudi Aramco’s discretion; the liquidation option is available to sukuk holders in the event of a change of control event (Change of Control Put Right), each of which is determined according to market conditions.
