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Saudi Arabian mall operator and developer Arabian Centres Company (Cenomi Centers) has mandated its second sukuk this month, a dollar-denominated five-year benchmark offering that is non-call for two years, following its earlier SAR-denominated 2.05 billion ($547 million) issuance.
The fixed rate Regulation S senior unsecured USD sukuk is expected to be rated BB by Fitch and B+ by S&P, in line with the issuer’s own.
The Tadawul-listed company has mandated Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, Goldman Sachs International (B&D) and Mashreq as joint global coordinators and bookrunners, alongside Arqaam Capital, Dubai Islamic Bank, First Abu Dhabi Bank, JP Morgan Securities, RAKBank and Sharjah Islamic Bank as joint lead managers and bookrunners.
A series of virtual fixed income investor meetings commence November 20. Goldman Sachs International is coordinating logistics.
The wakala Murabaha offering will fall under Cenomi Centers’ $1 billion trust certificate issuance programme, with Arabian Centres Sukuk IV Limited listed as the trustee. It will be listed on The International Stock Exchange (TISE).
Emirates NBD Capital is the sole Islamic structuring bank. FCA/ICMA stabilization rules apply.
Proceeds of the SAR and the USD denominated sukuk will refinance the company’s existing dollar-denominated sukuk maturing in October 2026, along with repaying bank debt.
Cenomi also announced its SAR 2.05 billion six-year sukuk, non-callable for the first three years, carries a fixed profit rate of 8.5% per annum after zakat, payable on a quarterly basis.
(Writing by Bindu Rai, editing by Seban Scaria)
