Chicago, July 12 – MAF Global Securities Ltd. issued $500 million of reset subordinated perpetual notes, according to a prospectus.
Guarantors are Majid Al Futtaim Holding LLC and Majid Al Futtaim Properties LLC.
The interest rate starts at 7 7/8%. Starting on Sept. 30, 2027, the interest rate will reset to Treasuries plus 489.3 bps. The interest rate resets every five years. The margin will step up on Sept. 30, 2032 to 514.3 bps. It will again step up to 589.3 bps on Sept. 30, 2047.
The notes were sold at 99.702.
There is a make-whole call option at Treasuries plus 50 bps. The notes are also callable at par from June 30, 2027 to the first reset date on Sept. 30, 2027. Thereafter, the notes are callable at par on any interest payment date.
If there is a change of control, the interest rate will step up 500 bps per year.
HSBC Bank plc, Citigroup Global Markets Ltd., Standard Chartered Bank, Abu Dhabi Commercial Bank PJSC, Emirates NBD Bank PJSC and First Abu Dhabi Bank PJSC were joint lead managers with HSBC as structuring agent and HSBC, Citigroup and Standard Chartered as global coordinators.
Proceeds will be used to fund a tender offer and to finance or refinance eligible green projects.
The company is a Dubai-based conglomerate.
| Issuer: | MAF Global Securities Ltd.
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| Guarantors: | Majid Al Futtaim Holding LLC, Majid Al Futtaim Properties LLC
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| Amount: | $500 million
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| Issue: | Reset subordinated notes
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| Maturity: | Perpetual
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| Lead managers: | HSBC Bank plc (structuring agent), Citigroup Global Markets Ltd., Standard Chartered Bank (global coordinators), Abu Dhabi Commercial Bank PJSC, Emirates NBD Bank PJSC and First Abu Dhabi Bank PJSC
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| Trustee: | Citibank, NA, London Branch
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| Counsel to issuer: | Maples and Calder (Dubai) LLP, Clifford Chance LLP
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| Counsel to underwriters: | Dentons & Co.
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| Coupon: | 7 7/8% starting rate; resets every five years starting on Sept. 30, 2027 to Treasuries plus 489.3 bps with steps up to 514.3 on Sept. 30, 2032 and 589.3 bps on Sept. 30, 2047
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| Price: | 99.702
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| Call features: | Make-whole call at Treasuries plus 50 bps. Callable at par from June 30, 2027 to Sept. 30, 2027; par call on any interest payment date thereafter
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| Settlement date: | June 30
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| Ratings: | S&P: BB+
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| Fitch: BB+
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| Distribution: | Regulation S
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| ISIN: | XS2399467807
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