Banque Saudi Fransi (BSF) has kicked off the offering for an additional Tier 1 SAR-denominated sukuk under its SAR 8 bn sukuk program, according to a disclosure to Tadawul. BSF announced its intention to proceed with the offering earlier this week.

The details: The subscription period for institutional and qualified investors started yesterday and will run until Monday, 26 August, with minimum subscription set at SAR 1 mn. Early redemption is possible under certain circumstances.

Where will the funds go? Proceeds from the offering are earmarked for shoring up BSF’s capital base, the bank said earlier this week.

ADVISORS- Saudi Fransi Capital is the sole bookrunner, lead arranger and lead manager on the issuance.

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