Our friends at Cenomi Centers are planning to issue USD-denominated sukuk under its international borrowing program, the lifestyle centers operator said in a regulatory filing to Tadawul. The size and value of the offering has yet to be determined, and will be decided depending on market conditions, according to the filing. The proceeds will be used to shore up liquidity and refinance the company’s debt.

ADVISORS- Cenomi tapped Goldman Sachs and our friends at HSBC 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.

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.

ALSO FROM CENOMI- The retail giant is currently accepting orders for its USD 500 mn trust certificates offering due to expire next Monday, 4 March, it said in the filing.

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