Name of borrower: Acwa Power
Amount: SR1.8 billion
Tenor: Seven years
Underwriters: HSBC Saudi Arabia, SNB Capital
Date: February 1, 2023
The SR1.8 billion ($470 million) senior unsecured sukuk issued by Acwa Power marks the company's second issuance under its SR5 billion programme, following a SR2.8 billion sukuk in 2021.
The seven-year deal came with a five-year call option.
The incorporation of a first-of-its-kind callability structure was notable, providing the issuer with better pricing flexibility.
Its structure also incorporated a step-up to motivate the exercise of the call option. The deal was 2.2 times oversubscribed, with total orders amounting to SR4.02 billion.
HSBC Saudi Arabia and SNB Capital served as joint lead managers on the deal.