Dubai’s Majid Al-Futtaim plans new dollar deal, tenders for notes

By Rebecca Melvin

New York, March 12 – MAF Global Securities Ltd., a subsidiary of Majid Al-Futtaim Properties LLC and Majid Al-Futtaim Holding LLC, has mandated banks in regard to a dollar benchmark reset subordinated, non-call eight-year hybrid instrument (expected ratings: /BB+/BB+), according to a market source on Monday.

The Dubai-based conglomerate also announced a tender offer for its $500 million 7 1/8% reset subordinated perpetual notes.

A global fixed income investor call will take place on Monday.

BNP Paribas, Citigroup, JPMorgan, Standard Chartered Bank, Emirates NBD Capital and First Abu Dhabi Bank are joint lead managers for the Regulation S transaction.

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