Logo of Arabian Centres Co.
Arabian Centres Co. starts today, July 14, the issuance of dollar-denominated Shariah-compliant sukuk, the company said in a bourse statement.
The targeted class of the issuance are institutional investors (qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions).
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Sukuk Details |
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Issue type |
International dollar-denominated Shariah-compliant sukuk |
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Offering value |
To be determined according to market conditions |
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Start of offering |
July 14, 2021 |
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End of offering |
July 15, 2021 |
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Targeted class |
Institutional investors (qualified investors in the jurisdictions in which the offering will be made in accordance with the rules and regulations of such jurisdictions) |
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Minimum subscription |
$200,000 and integral multiples of $1,000 in excess thereof. |
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Offering price |
According to market conditions |
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Par value |
According to market conditions |
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Return |
According to market conditions |
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Maturity period |
5.5 years (Oct. 7, 2026) |
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Redemption conditions |
The sukuk may be subject to early dissolution at the option of the company upon the occurrence of a tax event. They may also be subject to early dissolution upon the occurrence of a total loss event, an asset disposition event, a delisting event, dissolution at the option of the company or a dissolution event. A change of control put option, delisting event put option, an asset disposition put option and a company clean-up call option also apply to the sukuk |
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Issuance manager |
Goldman Sachs International and HSBC |
The application was submitted to the International Stock Exchange Authority Limited for the listing of and permission to deal in the sukuk on the Official List of The International Stock Exchange. The sukuk may be sold in reliance on Regulation S or Rule 144A under the U.S. Securities Act of 1933, as amended.
The company noted that the issuing end date is the expected date of the end of the offering, subject to market conditions.
On July 13, Arabian Centres announced the commencement of issuance of the dollar-denominated Shariah-compliant sukuk. The sukuk will be consolidated and will form part of the same series as the currently outstanding $650 million sukuk due 2026, issued on April 7, 2021, according to data compiled by Argaam.
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