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Saudi Electricity Co said on Sunday it raised SAR4.5 billion ($1.2 billion) from the sale of an Islamic bond.
The sukuk was priced at 70 basis points over the three-month Saudi interbank offered rate (Saibor), the Gulf's largest utility firm said in a statement.
SEC said at the beginning of January that it had chosen banks to arrange the riyal-denominated transaction. It had been planning to meet investors until February 27 but completed the deal earlier. It did not give a reason why in Sunday's statement.
The developer attracted a final order book of more than $1 billion for its five year sukuk.
Sadara Chemical Co will use the returns to fund a $19.3 billion petrochemical complex in the east of the Kingdom.
Saudi Electric last tapped the international bond market in March 2012 with a $1.75 billion two-part Sukuk.
The ten-year Malaysian ringgit-denominated Islamic bond carried a 4.65 per cent profit rate.