CC advises the joint lead managers in respect of a USD500 million sukuk issuance by Arabian Centres Company

Clifford Chance has advised the joint lead managers in connection with a USD500 million sukuk issuance by Arabian Centres Company (trading as Cenomi Properties) as well as the dealer managers in respect of  a tender offer in respect of Arabian Centre’s USD500 million Trust Certificates due 2024.

The transaction involved the refinancing of existing sukuk certificates for Cenomi Properties, the largest mall operator in Saudi Arabia.

Clifford Chance’s team was led by partner and global head of Islamic Finance Qudeer Latif with support from legal consultant Shauaib Mirza (London), senior associate Mohsin Abbas (Dubai) as well as partner Paul Deakins (London). The US team supporting on the transaction comprised partner and Global Head of Capital Markets Michael Dakin (London), legal consultant Terrence Moloney (Sydney), and lawyer Geoffrey Adonu (London). Saudi law support was provided by AS&HCC by partner Yasser Al-Hussain, and senior associates Ali Ansari and Mohammed Al-Ghazzawi.

The USD500 million sukuk issuance was facilitated in collaboration with joint lead managers: anb capital, Dubai Islamic Bank P.J.S.C., Emirates NBD Bank P.J.S.C., GFH Financial Group B.S.C., Goldman Sachs International, HSBC Bank plc, J.P. Morgan Securities plc, Kamco Investment Company K.S.C.P., Mashreqbank psc (acting through its Islamic Banking Division), Sharjah Islamic Bank P.J.S.C., and Warba Bank K.S.C.P.

Clifford Chance also advised the dealer managers, Goldman Sachs International and HSBC Bank plc on the tender offer.

The Bank of New York acted as paying agent and delegate and was represented by a Clifford Chance team based in our London office led by partner Bruce Kahl and supported by associates Struan Murray and Katie Buckton.

Qudeer Latif commented, “This transaction reinforces our market leading expertise in structuring and executing the most complicated international sukuk transactions for issuers based in the Kingdom of Saudi Arabia. We congratulate the Cenomi Properties team on the issuance of another successful benchmark sukuk.”