The sale of floating-rate securities in Saudi riyals is open only to Saudi nationals and institutions and will have a tenor of about 16 years, the Dhahran-based company said in an e- mailed statement today. Investors will receive a payment every six months equivalent to the six-month Saudi Interbank Offered Rate plus a margin to be decided later.

The size of the Islamic bond, or sukuk, is 5.25 billion riyals ($1.4 billion), although it may be increased to as much as $2.5 billion depending on demand, according to the sukuk prospectus. Other sources of funding will be scaled back if the issue exceeds the initial target.

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