White & Case advises Cenomi Centers on US$500 million trust certificates issuance and subsequent US$100 million trust certificates tap issuance

Global law firm White & Case LLP has advised Arabian Centres Company (trading as Cenomi Centers), a leading owner, developer and operator of shopping centres in the Kingdom of Saudi Arabia, on its issuance of Regulation S US$500 million trust certificates due 2029 and its subsequent tap issuance of Regulation S US$100 million trust certificates due 2029.

"The White & Case team has advised Cenomi Centers on a milestone transaction that secures fresh funding for the company," said White & Case partner Debashis Dey, who led the Firm's deal team. "This follows a history of successful financing transactions which we have advised Cenomi Centers on and demonstrates our commitment to supporting our clients' long-term financing goals."

The issuance attracted a diversified pool of international investors. Goldman Sachs International and HSBC Bank plc acted as global coordinators and, together with Dubai Islamic Bank P.J.S.C., anb capital, Emirates NBD Bank P.J.S.C., GFH Financial Group B.S.C., 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., acted as joint lead managers and bookrunners on the initial issuance. HSBC Bank plc acted as global coordinator and lead manager on the tap issuance.

White & Case also advised on the tender offer for the Regulation S trust certificates issued pursuant to the prior Rule 144A/Regulation S US$500 million issuance by Cenomi Centers in 2019, initially set to mature in November 2024.

The White & Case team which advised on the transaction was led by partner Debashis Dey (Dubai & London) and included partner Monica Holden (London), local partner Nezar Al Abbas (Riyadh), counsel James Clarke (London) and associates Marcin Zawadzki, Eren Ayanlar, Ola Sanni, Amir Mehdizadeh Iranpour, Melissa Otoo (all Dubai) and Mishael Alhumaimeedy (Riyadh).

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