Riyadh – Mubasher: Arabian Centres Company announced on Wednesday the completion of issuing international USD-denominated Sukuk, according to a statement to the Saudi Stock Exchange (Tadawul).
The company issued 2,500 Islamic bonds (Sukuk) at a total value of $500 million.
Moreover, the five-year Sukuk with a 5.375% return has been assigned a rating of Ba2 by Moody’s Investors Service.
Arabian Centres announced on 10 November the commencement of international roadshow meetings with investors in respect of the Sukuk issuance.
Sukuk certificates may be subject to early redemption at the option of the company upon the occurrence of a tax event.
Sukuk may also be redeemed early upon the occurrence of a total loss event, an asset disposition event or a dissolution event. A change of control put option and a Company call option also apply to the Sukuk Certificates, the statement noted.