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.
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