UAE MAF sells $500m green perpetual bonds for refinancing


A view shows shoppers wearing masks amid the coronavirus disease (COVID-19) pandemic, at Egypt’s shopping mall, known as ‘Mall Masr’, owned and operated by Majid Al Futtaim Group, in the suburbs of Giza on October 6, Egypt September 26, 2020. REUTERS/Amr Abdallah Dalsh

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DUBAI, June 23 (Reuters) – Dubai’s Majid Al Futtaim (MAF), which develops shopping malls in the Middle East, on Thursday sold $500 million of 5 1/4 to 7 year non-callable perpetual green hybrid bonds .95%, bank document shown.

Yield was tightened from initial guidance of 8.125% to 8.25% for the sale of equity-like debt after orders topped $1 billion, according to the document from one of the banks involved. in the agreement.

Citi (CN), HSBC (HSBA.L) – the sole green structuring agent – and Standard Chartered (STAN.L) are the global co-coordinators, joined by Abu Dhabi Commercial Bank (ADCB.AD), Emirates NBD Capital ( ENBD.DU) and First Abu Dhabi Bank (FAB.AD) as co-managers.

The bond sale, which is expected to be priced later Thursday, aims to refinance MAF’s outstanding $500 million perpetual bonds. Read more

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Reporting by Yousef Saba; edited by Christopher Cushing and Jason Neely

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