#Saudi mall operator Arabian Centres sells $650 million in sukuk | Reuters

Saudi mall operator Arabian Centres sells $650 million in sukuk | Reuters

Saudi mall operator Arabian Centres on Tuesday launched $650 million in 5-1/2 year sukuk, or Islamic bonds, at 5.625%, a document showed.

The yield was tightened from initial guidance of around 5.875% after orders topped $1.35 billion, the document from one of the banks on the deal showed.

Credit Suisse, Goldman Sachs, HSBC, Albilad Investment, JPMorgan, Kamco Invest and Warba Bank arranged the deal.

Sources told Reuters earlier this month that Arabian Centres, which operates 21 shopping centres across Saudi Arabia, was planning to raise $500 million via sukuk.

The company has said the debt sale will be used for general corporate purposes and to fulfil its financial and strategic objectives.