Clifford Chance on Cenomi Properties $500 Million Sukuk Issuance

Global law firm Clifford Chance has advised the joint lead managers for a significant sukuk issuance totalling US$500 million by Arabian Centres Company, also known as Cenomi Properties. Additionally, Clifford Chance advised the dealer managers in connection with a tender offer related to Arabian Centre’s US$500 million Trust Certificates due in 2024. 

This transaction facilitated the refinancing of existing sukuk certificates for Cenomi Properties, a leading 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, Emirates NBD Bank, GFH Financial Group, Goldman Sachs International, HSBC Bank, J.P. Morgan Securities, Kamco Investment Company, Mashreqbank (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 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.