Maaden starts issuing USD-denominated sukuk
Maaden starts issuing USD-denominated sukuk
Saudi Arabian Mining Co. (Maaden)headquarters Saudi Arabian Mining Co. (Maaden) initiated a USD-denominated sukuk offering under its International Trust Certificate Issuance Program, the company said in a statement toTadawul. The size and terms of thesukukoffering will depend on market conditions. For more news on listed companies Details Offer Type USD-denominated sukuk Offer Value To be determined based on market conditions Start Date Feb. 6, 2025 End Date Feb. 7, 2025 Target Class Qualified investors within and outside Saudi Arabia Issuance Manager Citigroup, HSBC, Al Rajhi Capital, BNP Paribas, GIB Capital, JP Morgan, Natixis, Saudi Fransi Capital, SNB Capital, and Standard Chartered as joint lead managers. Minimum Subscription $200,000, in SAR 1,000 increments Offering Price Subject to market conditions Nominal Value $200,000 Return Subject to market conditions Maturity 2 tranches: 5 years and 10 years Terms of Redemption Sukuk may be redeemed early due to a material event, as stated in theTrust Certificate Issuance Program. Maaden said it would disclose any material developments to shareholders in line with applicable rules and regulations. The announcement does not constitute an invitation or offer to purchase, own, or subscribe to any securities and is subject to the sukuk's terms and conditions, the bank noted. The certificates will be listed on the International Securities Market of the London Stock Exchange plc. The certificates may only be sold as per Regulation S under the US Securities Act of 1933, as amended. The issue end date referred to above is the expected offering end date, which is subject to market conditions.
