Saudi Electricity Company (SEC) chose HSBC's Saudi Arabian unit and Banque Saudi Fransi as lead arrangers of a SAR-denominated sukuk issuance, the firm said in a statement posted on Tadawul website. The Kingdom's sole electricity generator and distributor will offer the sukuks to investors for subscription between January 9 and February 27 . The value and maturity date of the issue will depend on the type of demand expressed by investors during the subscription period. The sukuks are not guaranteed and have the same level of priority as the firm's other obligations to unsecured creditors. Proceeds of the sukuks will be used to cover SEC's general expenses including capital expenditures. SEC is also planning a dollar-denominated sukuk sale in 2014 through HSBC , Deutsche Bank and JP Morgan Chase , according to a report by Reuters.
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