DUBAI, April 24 (Reuters) - Saudi Arabian water and power project developer ACWA Power plans to issue a $600 million senior secured bond and a U.S. dollar-denominated sukuk, a document produced by one of the lead banks showed.
The company’s management will be available for calls with investors from Monday until Friday (April 28) ahead of the potential bond launch, the document said.
The company mandated banks last November before embarking on a series of meetings with fixed income investors ahead of a potential U.S dollar-denominated debt sale.
It then decided to postpone the issue because of “timing constraints and requests from investors for more time to evaluate the proposed offering”, according to a document issued by the banks leading the deal at the time.
A company spokesman was not immediately available for comment.
The bond will be “a continuation” of the trade the company started marketing last year, and it will keep the same structure, said one banker familiar with the matter.
The proposed amortising bond would mostly be repaid with the cash coming from projects in Saudi Arabia, bankers told Reuters when the deal was marketed.
ACWA was the first Saudi corporate to seek to tap international debt investors after the kingdom’s first international bond in October last year.
Jefferies and Citi are the global coordinators, joined by CCB Singapore, Mizuho, NCB Capital and Standard Chartered as joint bookrunners.
The potential 144 A, Regulation S bond and the senior secured Regulation S sukuk are expected to be rated Baa3 by Moody’s and BBB- by S&P, the document said. (Editing by Mark Potter)