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Majid Al Futtaim accepts $516.41 million tendered 4¾% notes due 2024
By Marisa Wong
Los Angeles, May 31 – MAF Global Securities Ltd. announced results of its May 22 invitation to holders of its $800 million outstanding 4¾% notes due 2024 (ISIN: XS1064799841) guaranteed by Majid Al Futtaim Holding LLC and Majid Al Futtaim Properties LLC to tender their notes for purchase for cash, up to a maximum acceptance amount of $500 million.
As of the expiration of the offer at 11 a.m. ET on May 30, holders had tendered $516,413,000 of the notes. The issuer intends to accept for purchase the tendered notes in full without proration, according to a Wednesday press release.
The company will purchase the notes at par plus accrued interest of $3.30 per $1,000 principal amount.
After settlement, $283,587,000 principal amount of the notes will remain outstanding.
Subject to satisfaction of the new financing condition, settlement will take place on June 2.
MAF Sukuk Ltd. had announced it plans to issue new dollar-denominated green trust certificates guaranteed by Majid Al Futtaim Holding and Majid Al Futtaim Properties.
Holders participating in the tender offer may be given priority in allocation of the new trust certificates.
The global coordinators and dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969; liabilitymanagement.europe@citi.com), HSBC Bank plc (+44 20 7992 6237; LM_EMEA@hsbc.com) and Standard Chartered Bank (+44 20 7885 5739 / +852 3983 8658 / +65 6557 8286; Liability_Management@sc.com).
Abu Dhabi Commercial Bank PJSC (+971 2 3050868; dcm@adcb.com) and First Abu Dhabi Bank PJSC (+971 4 565 9956; LiabilityManagement@bankfab.com) are also dealer managers.
The tender and information agent is Citibank, NA, London Branch (+44 20 7508 3867; citiexchanges@citi.com).
The purpose of the offer is to optimize the issuer’s balance sheet structure.
Majid Al Futtaim is a Dubai-based conglomerate.
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