(MENAFN) The Arab Petroleum Investments Company (APICORP), headquartered in Riyadh, has commenced the sale of standard-sized, dollar-denominated five-year premium green bonds, as reported in a document obtained by Reuters from one of the banks responsible for facilitating the sale on Thursday. This move reflects APICORP's commitment to promoting sustainable financing initiatives and supporting environmentally-friendly projects in the region.
According to the document, the initial indicative price for the sale of unsecured bonds was established at approximately 115 points above the average fixed and variable interest swap rates for the secured financing rate for one night. This pricing strategy aims to attract investors while ensuring competitive returns for bondholders.
The proceeds from the debt issuance will be allocated towards financing or refinancing new projects, as well as ongoing projects that align with APICORP's green financing framework. By leveraging green bonds, APICORP aims to mobilize capital for projects that promote environmental sustainability, including renewable energy initiatives, energy efficiency projects, and other environmentally-friendly ventures.
APICORP's issuance of green bonds underscores its commitment to fostering sustainable development and contributing to the transition towards a low-carbon economy in the region. Through strategic financing initiatives, APICORP seeks to support the implementation of projects that not only generate economic value but also deliver positive environmental outcomes, contributing to the long-term sustainability of the energy sector and the broader economy.
MENAFN25042024000045015682ID1108137812
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.