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White & Case Advises Arabian Centres Company on US$650 Million Sukuk Issuance and Subsequent US$225 Million Sukuk Tap Issue

Global law firm White & Case LLP has advised Fawaz Alhokair Group's Arabian Centres Company (ACC), the owner, developer and operator of shopping centres, on its issuance during April 2021 of Reg S/Rule 144A US$650 million five and-a-half year Sukuk, which was followed with a Reg S/Rule 144A US$225 million tap issuance in July 2021.

"The White & Case team has advised on an important transaction which represents the successful return to market by ACC which, combined with the investor demand that triggered the tap issue, are proof of the resilience of ACC's business model and the Saudi economy," said White & Case partner Debashis Dey, who co-led the Firm's deal team.

The Sukuk issued in the tap issuance are consolidated and formed part of the same series as the currently outstanding US$650 million Sukuk, resulting in a total size of US$875 million.

"This is a rare Reg S/144A cross-border high yield issuance under English law by a Saudi Arabian credit," said Dey. "The transaction is also unique in being a rare tap issuance in the international high yield Sukuk domain, where the existing Sukuk asset portfolio has been expanded by additional Sukuk assets to enable the upsizing in the transaction."

The issuance attracted a diversified pool of international investors. Credit Suisse, Goldman Sachs, HSBC, Albilad Investment, JPMorgan, Kamco Invest and Warba Bank acted as joint global coordinators and bookrunners on the initial issuance. Goldman Sachs International and HSBC acted as joint global coordinators and bookrunners on the tap issuance.

The White & Case team that advised on the transaction was led by partners Debashis Dey (Dubai & London) and Jill Christie (London), and included partner Megren M. Al-Shaalan (Riyadh), counsel Xuan Jin (Hong Kong & Dubai) and associates Ibrahim Soumrany, Eren Ayanlar, Ola Sanni, Ghislaino Kamdo (all Dubai), Callie Wallace (London) and Waad Alkurini (Riyadh).

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