Saudi Arabian power and water plant developer ACWA Power has postponed its plans for a potential bond issue to 2017, a document from lead arrangers said on Thursday.
ACWA, in which Saudi sovereign entities hold a combined 16.3 percent stake, had been set to conduct the first international bond offer from the kingdom since the government's mammoth $17.5 billion debt sale in October, which was Riyadh's debut sovereign issue.
"Due to timing constraints and requests from investors for more time to evaluate the proposed offering, ACWA Power will continue the investor education process and intends to access the capital markets in early 2017," the document said.
It noted that more than 100 investors from the United States, Europe, Asia and the Middle East had already taken part in a "constructive global investor roadshow".
Jefferies, Citi, CCB Singapore, Mizuho and Standard Chartered had been mandated to arrange the offer, which would have a total size of about $1 billion according to a document issued by the firm to investors and seen by Reuters last month.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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