DUBAI - Saudi mall operator Arabian Centres on Tuesday launched $650 million in 5-1/2 year sukuk, or Islamic bonds, at 5.625%, a document showed.
The yield was tightened from initial guidance of around 5.875% after orders topped $1.35 billion, the document from one of the banks on the deal showed.
Sources told Reuters earlier this month that Arabian Centres, which operates 21 shopping centres across Saudi Arabia, was planning to raise $500 million via sukuk.
The company has said the debt sale will be used for general corporate purposes and to fulfil its financial and strategic objectives.
(Reporting by Yousef Saba; Editing by Andrew Heavens and David Evans) ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))