Majid Al Futtaim accepts all $395.23 million tendered perpetuals

By Marisa Wong

Morgantown, W.Va., March 19 – MAF Global Securities Ltd. said it received tenders for $395,227,000 of its reset subordinated perpetual notes as of noon ET on March 16, the expiration of its previously announced tender offer.

The issuer plans to accept the tendered notes for purchase in full without proration, according to a Monday press release.

MAF Global launched the tender offer for any and all of its $500 million of perpetual notes with a first call in October 2018 guaranteed by Majid Al Futtaim Holding LLC and Majid Al Futtaim Properties LLC on March 12 and then set a cap of $400 million on March 15.

The size of the tender was changed to match that of a new offering of perpetual notes that priced on March 13. It was previously an any-and-all offer.

Majid Al Futtaim’s subsidiary is offering 102.5% of par for the existing notes. It will also pay accrued interest up to but excluding the settlement date, which is expected to be March 20.

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

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, 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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