Majid Al Futtaim caps tender for subordinated notes at $400 million

New York, March 15 – Majid Al Futtaim Holding LLC and Majid Al Futtaim Properties LLC set a cap of $400 million in their tender offer for their $500 million of reset subordinated perpetual notes with a first call in October 2018, according to an announcement.

If the offer is oversubscribed then tenders will be accepted on a pro rata basis.

The size of the tender matches that of the new offering of perpetual notes priced on Tuesday. It was previously an any-and-all offer.

Majid Al Futtaim began the tender on March 12 via subsidiary MAF Global Securities Ltd., the issuer for the new and existing notes.

Majid Al Futtaim is offering 102.5% of par for the existing notes. It will also pay accrued interest up to but excluding the settlement date.

The tender ends at 12 p.m. ET on March 16.

Settlement is planned for no later than March 23.

Subject to completion of the financing condition, Majid Al Futtaim plans to redeem any notes not tendered on their first call date of Oct. 29, 2018 at par.

In addition, if more than 80% of the notes are purchased and canceled then the remaining notes may be called at par at any time, subject to 30 days’ notice.

The financing condition to the tender specifies that the issuer must complete an offer of new notes.

Priority in the allocation of new notes was to be given to participants in the tender offer.

The tender is being conducted under Regulation S.

BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), J.P. Morgan Securities plc (+44 20 7134 2468 or em_europe_lm@jpmorgan.com) and Standard Chartered Bank (+971 4508 2416, +65 6596 8807 or liability_management@sc.com) are global coordinators and dealer managers for the tender and Emirates NBD Bank PJSC (+971 4325 4332 (fax) or dcmsf@emiratesnbd.com) and First Abu Dhabi Bank PJSC (+971 2 6111693 or dcm&fis@nbad.com) are dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or maf@lucid-is.com) is tender agent and information agent.

Majid Al Futtaim is a Dubai-based conglomerate.

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