DUBAI- Saudi mall operator Arabian Centres is set to raise $500 million with a debut issuance of international Islamic bonds, or sukuk, a document by one of the banks leading the deal showed.
The company received over $1.45 billion in orders for the five-year issuance, including $200 million from the banks arranging it, the document said.
Arabian Centres started marketing the paper earlier on Tuesday with price guidance of 5.75%, which was later reduced to 5.5-5.625%.
Goldman Sachs GS.N and HSBC have been appointed to coordinate the deal. Credit Suisse, Emirates NBD Capital, Mashreqbank, Samba Capital and Warba Bank have been appointed as bookrunners.
Arabian Centres went public earlier this year with a 2.8 billion riyal ($746.65 million) initial public offering in Saudi Arabia, the kingdom's third biggest since Saudi lender National Commercial Bank 1180.SE raised $6 billion in 2014.
The firm plans to expand its operations to 27 malls within four years, and is building cinemas after a decades-long ban on movie theatres was lifted last year.
($1 = 3.7501 riyals)
(Reporting by Davide Barbuscia; Editing by Shri Navaratnam and Jan Harvey) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: firstname.lastname@example.org))