{"id":83388,"date":"2024-02-13T00:00:00","date_gmt":"2024-02-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/13\/saudi-german-health-is-taking-a-sar-1-bn-sukuk-to-market\/"},"modified":"2024-02-13T00:00:00","modified_gmt":"2024-02-13T00:00:00","slug":"saudi-german-health-is-taking-a-sar-1-bn-sukuk-to-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/13\/saudi-german-health-is-taking-a-sar-1-bn-sukuk-to-market\/","title":{"rendered":"Saudi German Health is taking a SAR 1 bn sukuk to market"},"content":{"rendered":"

Saudi German Health <\/strong>has started taking orders from retail and institutional investors for <\/strong>a SAR 1 bn sukuk <\/strong>issuance<\/strong>, it said in a Tadawul regulatory filing<\/a> yesterday. It\u2019s the company\u2019s first debt sale under a SAR 1.5 bn sukuk programme<\/a> it announced last month. The company could adjust the size of the offering after the order window closes on Sunday, 25 February.<\/p>\n

Use of proceeds:<\/strong> Saudi German would use the proceeds to finance the company\u2019s general corporate operations, after having entered into mudaraba and murabaha transactions in compliance with Shariah law, according to the base prospectus (pdf)<\/a>. <\/p>\n

It\u2019s all about keeping borrowing costs under control: <\/strong>\u201cThis [sukuk program] will help improve cashflow and boost profitability,\u201d President and Deputy Chairman Makarem Batterjee told CNBC Arabia in an interview last month<\/a>, estimating the healthcare provider\u2019s total debt at SAR 3 bn.<\/p>\n

What\u2019s on the table:<\/strong> The five-year SAR-denominated sukuk carries a fixed annual yield of 7.2%. Returns will be paid out to sukuk holders on a quarterly basis. Investors can place orders for a minimum of 5 sukuks at the value of SAR 1k for each. SGH has the option of redeeming the sukuk before the expiry date.<\/p>\n

ADVISORS<\/strong>- Al Rajhi Capital<\/strong> is quarterbacking the transaction as the sole lead manager, financial advisor and arranger. Linklaters<\/strong>is acting as legal advisor. <\/p>\n","protected":false},"excerpt":{"rendered":"

This issuance carries a fixed annual yield of 7.2%<\/p>\n","protected":false},"author":1,"featured_media":83389,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[151,57,10,13,1035],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-al-rajhi-capital","tag-debt-watch","tag-enterpriseam-ksa","tag-healthcare","tag-saudi-german-healthcare","wpautop","entry"],"acf":{"mongo_id":"f1df6e77-f556-4ec4-88eb-1b406c2ba69e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/967.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi German Health is taking orders from retail and institutional investors for SAR 1 bn sukuk","related_issue":[83382],"teaser":"This issuance carries a fixed annual yield of 7.2%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.717d11b8-acc2-4b11-9228-b3925af7aed3.mp3"},"yoast_head":"\nSaudi German Health is taking a SAR 1 bn sukuk to market - 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