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Cenomi Centers completes $500m sukuk issuance

Cenomi Centers completes $500m sukuk issuance
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Riyadh – Mubasher: Arabian Centres Company (Cenomi Centers) has concluded the issuance of international USD-denominated Shari’ah-compliant Sukuk worth $500 million.

A total of 2,500 sukuk were sold at a price of $200,000 per each, according to a bourse filing.

The sukuk have a maturity of five years at a yield of 9.50%. They are set to be settled on 6 March 2024.

The issuance’s proceeds are planned to be used to refinance the company’s 2019 Sukuk which are due to mature in November 2024.

Last week, Cenomi Centers announced plans to issue USD-denominated sukuk and mandated Goldman Sachs International and HSBC Bank as joint global coordinators.

Cenomi Centers posted a 64.04% year-on-year (YoY) surge in net profits after Zakat and tax to SAR 1.32 billion in the first nine months (9M) of 2023, versus SAR 621 million.