Saudi Arabian developer Acwa Power will price an $814m bond with a coupon rate of 5.95 per cent for a 22 year maturity period.
The developers debut bond will be issued in US dollars and will be listed on the Global Exchange Market of the Irish Stock Exchange. The bond is secured by cash flows and other securities from eight operating power generation and/or desalination plants in Saudi Arabia.
The US Jeffries is the sole structuring adviser for the issuance, with the US Citi and Jeffries as joint global coordinators. CCB Singapore, Japans Mizuho Bank, Saudi Arabias NCB Capital and UKs Standard Chartered were joint bookrunners. Japans MUFG and SMBC Nikko are co-managers for the transaction.
MEED first reported that Acwa Power was planning to issue a megabond in November.
In 2016, Acwa Power secured financial close on six major transactions, representing a net power capacity of about 7.4GW.
In September last year, the developer, in partnership with Chinas Harbin International, reached financial close for the $3.4bn Hassyan coal-fired independent power project (IPP) in Dubai, which will have a total generation capacity of 2.4GW.
In an exclusive interview with MEED in December, Acwa Powers chief investment officer (CIO) Rajit Nanda and Chief Financial Officer (CFO) discussed the companys financial strategy and some of the developers future aims and ambitions.