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Our friends at Cenomi Centers have wrapped up a USD 500 mn sukuk saleas the lifestyle centers operator looks to shore up liquidity and refinance a sukuk issuance due to mature in November 2024, it said in a regulatory filing to Tadawul. Sukukholders will need to deposit their investments with the underwriter this Wednesday, 6 March. The FCY issuance, which kicked off last week, is part of the retail giant’s international borrowing program.
Maturity + yield: The five-year USD-denominated issuance carries a 9.5% fixed annual yield, with the option for early redemption as outlined in the offering circular. The issuance is not expected to have any impact on Cenomi’s creditworthiness, according to the filing.
Listing + trading sukuks on TSIE: Cenomi filed an application to the International Stock Exchange seeking permission to list and trade its sukuk certificates on the official list of the exchange.
ADVISORS- Cenomi tapped our friends at HSBC along with Goldman Sachs as joint global coordinators, bookrunners and joint lead managers. ANB capital, Dubai Islamic Bank, Emirates NBD Capital, GFH Financial Group, J.P. Morgan Securities, Kamco Investment, Mashreq, Sharjah Islamic Bank and Warba Bank will act as joint lead managers and bookrunners.
A separate issuance is expiring today: The retail giant is still accepting orders for its USD 500 mn trust certificates until 4 pm GMT today (7 pm KSA), according to an earlier filing.
Boasting a healthy debt profile: The company had debt on the books of about SAR 8.9 bn in 9M 2023, against SAR 27 bn in portfolio value, ultimately resulting in a 33% loan-value ratio which is “quite strong and quite healthy for a real estate company,” CEO Rehill-Erguven said earlier this month.
