Saudi operator STC said that its subsidiary STC Sukuk Company will start offering the first issue of US dollar-denominated sukuk under the international sukuk programme on 26 April. The size of the issue, set to be closed on 30 June, will be subject to market condition and demand, STC told the Saudi Stock Exchange (Tadawul). The offering will be available to institutional investors in certain jurisdictions.
STC has named HSBC Bank, JP Morgan Securities, Standard Chartered Bank, Samba Capital & Investment Management Company, First Abu Dhabi Bank, and KFH Capital Investment Company as lead managers for the offering. The minimum value of subscription amounts to EUR 100,000, or USD 200,000 in the US. In the case of any certificates to be sold in the US to QIBs, the minimum specified denomination will be USD 200,000 or its equivalent in other currencies.
The sukuk may be subject to early redemption at the option of STC Sukuk Company and STC upon the occurrence of a tax event. They shall also be redeemed early upon the occurrence of a total loss or a dissolution event. Subject to market conditions, a change of control put option, trustee call option and/or holder put option may also apply to any offer of sukuk, the company added.
Source: Telecompaper