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Saudi Electricity Company raises US$1.2bn

Money raised from the sale of Islamic bond

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Saudi Arabia's national power grid
Saudi Arabia's national power grid

Saudi Electricity Co (SEC) has raised US$1.2bn (SAR4.5 bn) from the sale of an Islamic bond. The sukuk was priced at 70 basis points over the three-month Saudi interbank offered rate (Saibor), the company said in a statement on Sunday.

In January, SEC said that it had chosen banks to arrange the transaction. The company was planning to meet investors on February 27 but completed the deal earlier.

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