Chicago, April 29 – Arabian Centres Co., officialy trading as Cenomi Centres, sold $600 million of 9½% Shariah-compliant sukuk certificates with a five-year tenor (//BB+) in two passes at the market.
The company sold $500 million of certificates and then completed a $100 million add-on within a couple of weeks.
The issue price was par, according to the listing.
Goldman Sachs International and HSBC Bank plc were the joint global coordinators for the original $500 million offering. ANB Capital, Dubai Islamic Bank, Emirates NBD Capital, GFH Financial Group, J.P.Morgan Securities, Kamco Investment Co., Mashreq (acting through its Islamic banking division), Sharjah Islamic Bank and Warba Bank were the joint bookrunners.
The original issue had a subscription period from Feb. 29 to March 1.
The add-on was announced on March 12 and settled March 18.
Proceeds from the original issue were going to be applied to refinance a sukuk issued in 2019 with a November 2024 maturity.
Special purpose vehicle Arabian Centres Sukuk III Ltd. was the listed issuer.
The listing is on The International Stock Exchange.
The shopping centers company is based in Saudi Arabia.
| Issuer: | Arabian Centres Sukuk III Ltd.
|
| Amount: | $600 million
|
| Issue: | Sukuk
|
| Maturity: | March 6, 2029
|
| Bookrunners: | Goldman Sachs International, HSBC Bank plc (joint global coordinators), ANB Capital, Dubai Islamic Bank, Emirates NBD Capital, GFH Financial Group, J.P.Morgan Securities, Kamco Investment Co., Mashreq (acting through its Islamic banking division), Sharjah Islamic Bank and Warba Bank
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Call features: | Yes
|
| Trade date: | March 1
|
| Settlement date: | March 6
|
| Ratings: | Fitch: BB+
|
| Distribution: | Regulation S
|
| ISIN: | XS2756519232
|
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