Saudi Arabia's ACWA Power has completed its sukuk, or Islamic bond, offering of 1.8 billion riyals ($480 million).
The sukuk was priced at three-month SAIBOR + 0.95% per annum with a step-up to three-month SAIBOR + 1.05% per annum from the fifth year of issue, the utility operator said in a bourse filing on Tadawul on Thursday. SAIBOR is Saudi Arabian Interbank Offered Rate.
The riyal-denominated issue, under the company's SAR5 billion programme, will have a maturity of seven years and a call option after five years, subject to conditions.
(Writing by Brinda Darasha; editing by Daniel Luiz)