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Home / Features / Clifford Chance Advises The Joint Lead Managers In Respect Of A $500mln Sukuk Issuance By Arabian Centres Company

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Clifford Chance Advises The Joint Lead Managers In Respect Of A $500mln Sukuk Issuance By Arabian Centres Company

Global law firm Clifford Chance has advised the joint lead managers in connection with a US$500 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 US$500 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 US$500 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 comments, "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."

Consistently ranked Band 1 in legal directories, Clifford Chance was awarded 15 awards at the Bonds, Loans & Sukuk Awards 2023 and 8 awards at the IFLR Middle East Awards 2023. Clifford Chance was also named Banking and Finance Law Firm of the Year at The Legal 500 MENA Awards 2024, UAE Banking & Finance Law Firm of the Year at the Chambers Middle East Awards 2024, Islamic Finance News (IFN) Law Firm of The Year and IFN Banking & Finance Law Firm of The Year at the IFN Deal of the Year Awards 2023, International Law Firm of the Year at the IFLR Middle East Awards 2023, and International Law Firm of the Year (Middle East) at the Middle East Legal Awards 2023,

For further information about Clifford Chance see www.cliffordchance.com

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