Logo of Cenomi Centers
Arabian Centres Co. (Cenomi Centers) announced the completion of USD-denominated Shariah-compliant sukuk issue at $500 million, in preparation for the settlement of the sukuk scheduled for March 6, 2024, according to a Tadawul statement.
The sukuk issue is unlikely to affect the company’s credit position, as it plans to refinance the sukuk issued in 2019, likely due in November 2024. The issue proceeds will be used in the refinancing.
The below are the issue details:
|
Issue Details |
|
|
Type of Issue |
International USD-denominated Shariah-compliant sukuk |
|
Offering Value |
$500 mln |
|
Total Number of Sukuk |
2,500 |
|
Par Value |
$200,000 |
|
Instrument Yield |
9.5% |
|
Maturity Period |
5 years |
|
Terms of Redemption |
The sukuk may be redeemed prior to the scheduled liquidation date in certain cases as detailed in the offering prospectus, dated March 4, 2024 |
The application was submitted to the International Stock Exchange Authority Ltd for the listing of the sukuk on the International Stock Exchange. The sukuk may be sold as per Regulation S under the US Securities Act of 1933.
The company will continue finalizing the relevant measures and will announce any related updates in due course, the statement added.
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