SAUDI ARABIA: Cenomi Centers has concluded its US$500 million Sukuk offering, which it opened on the 29th February 2024 and closed on the 1st March 2024, according to separate bourse filings. The Sukuk issuance carries a tenor of five years and a profit rate of 9.5%.
Proceeds from the Sukuk issuance will be used by Cenomi Centers, formerly known as Arabian Centres Company, to refinance its Sukuk issued in 2019, which are due to mature in November 2024; for general corporate purposes and to fulfill the company’s financial and strategic needs including the refinancing of the company’s existing debt.
The company had mandated Goldman Sachs International and HSBC Bank as the joint global coordinators. ANB Capital, Dubai Islamic Bank, Emirates NBD Capital, GFH Financial Group, Goldman Sachs International, HSBC Bank, JPMorgan Securities, Kamco Investment Company, Mashreqbank’s Islamic banking division, Sharjah Islamic Bank and Warba Bank had been appointed as the joint lead managers and bookrunners for the transaction.
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