19/07/2018 08:01 AST

Saudi Electricity Co has recently discussed with a group of international banks its plan to issue a US dollar-denominated bond, sources familiar with the matter said.

The state-controlled utility is looking to refinance a $2.6 billion bridge syndicated loan it raised in January and was aiming to issue the debt securities already this month, depending on market conditions.

Saudi Electricity, which did not immediately respond to requests for comment, raised the bridge loan for general corporate purposes and to back its capital expenditure programme, it said in January.

That loan, with a one-year maturity, was provided by Citibank, MUFG, First Abu Dhabi Bank, HSBC, Mizuho Bank, Natixis, Sumitomo Mitsui Banking Corporation and Standard Chartered Bank.

“Almost” the same group of banks would be involved in the planned bond issue, said one of the sources directly involved in the talks. Should market conditions not improve the debt sale could be delayed to September, said the sources.

The last significant international bond sale in the Gulf was a $500 million bond by Qatar’s Commercial Bank in May. Since then, potential issuers in the region have held their plans because of market volatility and the price premium they would have to pay to attract demand.

The Saudi Electricity deal could replace the total amount of the bridge loan, although the final size will also depend on pricing terms, said the sources. As part of wider reforms in the Saudi energy sector, Saudi Arabia plans to restructure the utility splitting it into four separate units to improve its efficiency.


Gulf News

Saudi Electricity Co second quarter net profit falls 17.3%

30/07/2018

Saudi Electricity Co (SEC), the Gulf’s largest utility firm, reported a 17.3 per cent drop in second-quarter net profit on Sunday as revenues from electricity services fell and financing costs rose.

Gulf News

SEC, GE stress on long-standing partnership

23/07/2018

Saudi Electricity Company (SEC) and GE, in a statement, have stressed on the importance of their long-standing partnership for both the companies.

For almost 40 years, SEC and GE have par

Trade Arabia

68pc of SEC purchases from local factories

02/03/2018

The Saudi Electricity Company (SEC) said that 68 per cent of its purchases, during the past four years, came from 52 local factories, with a growth rate of 720 per cent compared to 2001.

S

Trade Arabia

Ticker Price Volume
SOMS 1.49 0
SECO Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
NGIC 25.00 -0.30 (-1.19%)
Bahrain's Investcorp records $165m loss for 2019-20 financial year

06/08/2020

Bahrain’s Investcorp slipped into a $165 million loss for the 12 months ended June 30, against profits of $131 million a year ago.

The COVID-19 played its part in the loss, as fee income c

Gulf News

Aramex's revenue surges 4pc to $359m in Q2

06/08/2020

Aramex, a leading provider of logistics and transportation solutions, has registered a 4 per cent growth in its revenues for the second quarter which surged to hit AED1.32 billion ($359 million), com

Trade Arabia

Abu Dhabi's Waha Capital trims first-half 2020 attributable losses to Dh27.2m

05/08/2020

Abu Dhabi based investment company Waha Capital recorded a net loss of Dh27.2 million - attributable to shareholders - for the first six months of 2020, an improvement on the Dh124.38 million it rec

Gulf News

FAB issues Formosa bond globally

05/08/2020

First Abu Dhabi Bank (FAB), recently announced the issuance of the largest-ever Chinese Yuan (CNH) denominated dual-listed Formosa bond globally, with a CNH 3.25 billion five-year issuance.

The Gulf Today

Etisalat to pay out Q2 interim dividends from August 11

05/08/2020

UAE's leading telecom services operator Etisalat Group has announced that the interim dividend of 15 fils per share for the second quarter will be paid out starting from August 11 through the First A

Trade Arabia