Saudi Electricity Company (SEC) has completed a 4.5 billion riyal ($1.2 billion), 10-year floating-rate sukuk offer, pricing the deal at 70 basis points over the Saudi Interbank Offered Rate.

The state-owned firm said late last year that it would hold roadshows between December 31 and January 27, but wrapped up early after receiving enough orders to complete the deal.

Further details on the transaction are expected to be released by the kingdom's Capital Market Authority in the near future.

The local deal was managed by Banque Saudi Fransi (Credit Agricole) and HSBC Saudi Arabia.

SEC was last in the market in January 2013, when it issued a $2 billion dual-tranche sukuk, a follow-up to its 2012 debut in international markets.

It is planning a third US dollar bond issuance this year and is rumoured to have hired Deutsche Bank, HSBC and JP Morgan for an April launch. - Reuters