Saudi Aramco issues USD-denominated sukuk

Saudi Arabian Oil Co. (Saudi Aramco) announced the start of issuing USD-denominated international trust certificates (sukuk) under its SA Global Sukuk Limited’s Trust Certificate Issuance Program.

In a statement to Tadawul, the company said that the sukuk will be direct, unsubordinated, unsecured and limited recourse obligations of SA Global Sukuk Limited.

The trust certificates issuance will be subject to the approval of the relevant regulatory authorities. In addition, the trust certificates will be issued in accordance with Rule 144A/Reg S offering requirements under the US Securities Act of 1933, as amended.

The stabilization rules of the Financial Conduct Authority (FCA) and the International Capital Market Association (ICMA) will also apply to the issuance. Application will be made for the trust certificates to be admitted to the official list of the FCA and to the London Stock Exchange plc and for such trust certificates to be admitted to trading on the London Stock Exchange’s main market.

Meanwhile, the company noted that the issuing end date referred to above is the expected date of the end of the offering, subject to market conditions.

In a separate statement, Saudi Aramco announced its intention to offer international trust certificates (sukuk) pursuant to SA Global Sukuk Limited’s Trust Certificate Issuance Program. The net proceeds will be used by Saudi Aramco for general corporate purposes.