Majid Al Futtaim to refinance $500m perpetual bonds

Dubai’s Majid Al Futtaim (MAF), which operates shopping malls across the Middle East, has hired banks to refinance its outstanding $500 million perpetual bonds, a bank document showed on Monday.

Citi, HSBC – the sole green structuring agent – and Standard Chartered were hired as joint global coordinators, the document showed. They are joined by Abu Dhabi Commercial Bank, Emirates NBD Capital and First Abu Dhabi Bank as joint lead managers.

They will hold investor calls starting on Monday. An issuance of benchmark, US dollar-denominated reset subordinated perpetual green hybrid bonds non-callable for 5-1/4-years may follow, subject to market conditions, the document said.

MAF has announced a tender offer for the outstanding perpetual notes that have a first reset date on September 7 to purchase up to the amount of the new notes, subject to the completion of the new issuance.

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