Clifford Chance Advised JLMs On $500 Million Sukuk Issuance By Cenomi Properties
Clifford Chance Advised JLMs on $500 Million Sukuk Issuance By Cenomi Properties
The deal facilitated the re-financing of existing certificates for the leading mall operator in Saudi Arabia
International law firm Clifford Chance has advised the joint lead managers (JLMs) for Sukuk issuance totaling US$500 million by Arabian Centres Company, also known as Cenomi Properties.
The law firm also counseled the dealer managers on a tender offer related to Arabian Centre’s US$500 million trust certificates due this year.
This transaction facilitated the re-financing of existing sukuk certificates for Cenomi Properties, a leading mall operator in Saudi Arabia.
The deal was facilitated in collaboration with joint lead managers - ANB Capital, Dubai Islamic Bank, Emirates NBD Bank, GFH Financial Group, Goldman Sachs International, HSBC Bank, JP Morgan Securities, Kamco Investment Company, Mashreq Bank (acting through its Islamic banking division), Sharjah Islamic Bank and Warba Bank.
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. It was represented by the London-based Clifford Chance team led by partner Bruce Kahl and supported by associates Struan Murray and Katie Buckton.
The Clifford Chance team advising on the transaction was led by partner and global head of Islamic finance Qudeer Latif. He was supported by partner Paul Deakins (London), legal consultant Shauaib Mirza (London) and senior associate Mohsin Abbas (Dubai).
The US team supporting the transaction comprised partner and global head of capital markets Michael Dakin (London), legal consultant Terrence Moloney (Sydney) and lawyer Geoffrey Adonu (London).
The advise on Saudi laws was provided by AS&H Clifford Chance partner Yasser Al-Hussain and senior associates Ali Ansari and Mohammed Al-Ghazzawi.
