Saudi Arabian Mining Company (Maaden) is rolling out plans for a 10-year, dollar-denominated senior sukuk, pricing initial guidance around 135 basis points over U.S. Treasuries.
The Tadawul-listed mining giant has appointed a consortium of local and international banks as joint lead managers, including Albilad Investment, Al Jazira Capital, Arab Banking Corporation, Bank of China (Hong Kong), BNP Paribas, Citigroup, Goldman Sachs, HSBC, JP Morgan, KFH Capital, Merrill Lynch, Mizuho, Natixis, and SNB Capital.
The issuance, structured under Regulation S, lists Ma’aden Sukuk as the issuer, with Saudi Arabian Mining as the obligor, and is expected to carry a Baa1/BBB+ rating from Moody’s and Fitch, aligning with the company’s credit profile.
Maaden, a PIF-backed heavyweight, is majority-owned by Saudi Arabia’s Public Investment Fund, which holds a 63.78% stake in the company.
