Saudi Mall Operator Taps Rothschild Ahead of Sukuk Repayment - Bloomberg
Saudi Arabia’s largest mall operator has hired Rothschild & Co. to advise on potential funding options ahead of a sukuk repayment next year.
Cenomi Centers, formerly known as Arabian Centres Company, is working with the investment bank to evaluate financing strategies, including potential debt and equity options, according to people familiar with the matter, who asked not to be identified because the discussions are private.
Rothschild declined to comment. Cenomi Centers didn’t respond to multiple requests for comment.
The move follows a report by S&P Global Ratings last month, which lowered Cenomi’s credit score further into non-investment grade amid a rise in receivables from related parties. One factor was a delayed payment plan from Alhokair Fashion Retail, a major tenant in the Cenomi malls. The payment plan was scheduled to start in the first quarter but was eventually postponed, according to the report.
The rating agency said potential risks over the refinancing of the $875 million sukuk due in October 2026 are “manageable” but if the plan isn’t completed over the next few months liquidity could deteriorate.
The sukuk dropped around 1.7 cents to 95.83 cents on the dollar after Bloomberg reported the adviser appointment, according to price data.
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