Saudi Arabian Mining (Ma’aden) raised a total of USD 1.3 bn from a USD-denominated trust certificates (Sukuk) issuance under its international trust certificate issuance program, it said in a disclosure to Tadawul. The issuance — which ran Thursday through Friday — was offered to eligible local and international investors and will be listed on the London Stock Exchange’s International Securities Market. The story also got ink from Bloomberg.

The details: The issuance — executed through a special-purpose vehicle — was split into two tranches: a 5-year tranche raising USD 750 mn from 3.8k certificates, with an annual return of 5.3%, and a 10-year tranche raising USD 500 mn from 2.5k certificates, with a 5.5% annual return. Settlement is scheduled for Thursday, 13 February.

The offering reeled in over USD 10 bn in orders, signaling strong interest in the “untapped potential seen in the Kingdom,” CEO Bob Wilt told Bloomberg. Approximately 50% of the demand came from the US, while the rest was split between Europe, Asia, and the Middle East.

Use of proceeds: Proceeds are earmarked toward expanding Ma’aden’s gold, phosphate, and aluminum operations, as well as copper exploration, Wilt added. The funds will support a massive expansion program worth USD 12 bn over the next five years, with specific details yet to be disclosed. The company’s board is expected to greenlight investments in gold and phosphate production by mid-2025, Wilt told Bloomberg.

ADVISORS- Citigroup Global Markets, HSBC Bank, Al Rajhi Capital, BNP PARIBAS, GIB Capital, JP Morgan Securities, Natixis, Saudi Fransi Capital, SNB Capital, and Standard Chartered were tapped to be joint lead managers.

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