Saudi Arabian mall operator and developer Arabian Centers Company (Cenomi Centers) has ordered its second sukuk this month, as its dollar-denominated five-year benchmark offering, which had a non-call for two years, after its previous SAR-denominated 2.05 billion ($547 million) issuance.
It is anticipated that the fixed rate Regulation S senior unsecured USD sukuk will be rated at BB by Fitch and B+ by S&P in accordance with the issuer’s rating.
The Tadawul-listed entity has commissioned Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, Goldman Sachs International (B&D), and Mashreq as joint global coordinators and bookrunners, alongside Arqaam Capital, Dubai Islamic Bank, First Abu Dhabi Bank, JP Morgan Securities, RAKBank, and Sharjah Islamic Bank as joint lead managers and bookrunners.
Therefore, a series of virtual fixed income investor meetings will begin on November 20. Logistics are being organized by Goldman Sachs International.
The wakala Murabaha offering will be under the Cenomi Centers issuance programme of the $1 billion trust certificate, as the Arabian Centres Sukuk IV Limited will be the listed trustee. Meanwhile, it will be listed on The International Stock Exchange (TISE).
However, the Emirates NBD Capital remains the sole Islamic structuring bank, with FCA/ICMA stabilization regulations applicable.
The SAR and USD-denominated sukuk proceeds will refinance the current dollar-denominated sukuk that the company and sukuk maturing starts in October 2026, with repayment of bank debt.
Cenomi also declared its SAR 2.05 billion six-year sukuk, which is not callable within the initial three years, with a fixed rate of profit of 8.5 percent per annum after zakat, payable on a quarterly basis.
