National Commercial Bank Announces Intention to Redeem the 2015 Tier 1 Sukuk
|Introduction||The National Commercial Bank (“NCB”) announces its election to redeem its SAR 1 billion Tier 1 Sukuk (the “Sukuk”) on 22 June 2020, in full, at face value. |
The Sukuk were offered through private placement on 22 June 2015, for an amount of SAR 1 billion, qualifying as Tier 1 subordinated debt in accordance with the Basel III framework.
NCB elects to redeem the Sukuk, at the contractual first call date of 22 June 2020, where the face value of the Sukuk and any periodic (profit) distribution amount payable (for the period ending  June 2020 ) will be transferred to Sukukholders at this date based on their respective holdings as of 7 June 2020. [Regulatory approval has been obtained in this regard] .
|Issuance Type||Tier 1 Sukuk|
|Amount of redeemed (bonds/sukuk)||SAR 1.0bn|
|Percentage of Redeemed (Bonds/Sukuk) out of Total Issued (bonds/sukuk)||100 %|
|Number of redeemed (bonds/sukuk)||1,000 Sak|
|Issuance Date||2015-06-22 Corresponding to 1436-09-05|
|Trading End Date||7/06/2020|
|Sukuk Par Value at Redemption Date||SAR 1.0bn|
|Total issuance value after redemption||[SAR [1.0bn|
|Date of Depositing the Amounts in the (Bonds/Sukuk) Holders Accounts||2020-06-22 Corresponding to 1441-11-01|
|Name of the Entity Responsible for the Deposit and Contact Details||NCB Capital in its Capacity as Sukukholders’ Agent. |
Further information in this regard may be obtained from the Payment
Administrator or the Sukukholders’ Agent at firstname.lastname@example.org.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.