Saudi mall operator Arabian Centres Company today announced that it obtained a $1.4-billion Shariah-compliant facility from a syndicate of banks.
The credit facility includes a three-year revolving murabaha facility, a 12-year murabaha tranche B, an 8-year Ijarah tranche A, and a 12-year Ijara tranche B, the company said in a bourse filing.
The company added that the amount will be used for the repayment of outstanding dues under their existing debts; the payment of fees and costs incurred in connection with debt; and general corporate funding.
Samba Financial Group was appointed as Global Agent and served as Ijara Investment Agent, Murabaha Investment Agent, Security Agent, and Account Bank.
While Goldman Sachs International, Samba Financial Group, the Saudi British Bank, Abu Dhabi Commercial Bank, the National Commercial Bank, Arab National Bank, Al Rajhi Banking and Investment Corporation, Mashreq Al Islami, Islamic Banking Division of Mashreqbank served as Book Runners and Mandated Lead Arrangers.
(Writing by Nada Al Rifai; editing by Mily Chakrabarty)
© ZAWYA 2019