By Rebecca Melvin
New York, March 14 – MAF Global Securities Ltd., a subsidiary of Dubai’s Majid Al-Futtaim Properties LLC and Majid Al-Futtaim Holding LLC, has priced $400 million of perpetual notes (expected ratings: BB+/BB+) at par with an initial coupon of 6 3/8%, according to a market source on Wednesday.
The reset notes are non-callable for eight years.
Proceeds will be used to refinance the Dubai-based conglomerate’s existing 7 1/8% reset subordinated perpetual notes that priced in 2013 and for general corporate purposes.
BNP Paribas, Citigroup, JPMorgan, Standard Chartered Bank, Emirates NBD Capital and First Abu Dhabi Bank are joint lead managers for the Regulation S transaction.
| Issuer: | MAF Global Securities Ltd.
|
| Guarantor: | Majid Al-Futtaim Properties LLC and Majid Al-Futtaim Holding LLC
|
| Issue: | Perpetual reset notes
|
| Amount: | $400 million
|
| Maturity: | Perpetual
|
| Bookrunners: | BNP Paribas, Citigroup, JPMorgan, Standard Chartered Bank, Emirates NBD Capital and First Abu Dhabi Bank
|
| Initial coupon: | 6 3/8% that resets on a future date
|
| Price: | Par
|
| Calls: | Non-callable for eight years
|
| Pricing date: | March 13
|
| Distribution: | Regulation S
|
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