By Rebecca Melvin
New York, May 8 – Majid Al Futtaim Holding LLC priced a $600 million green sukuk, or Islamic bond, due 2029 (BBB/BBB) at par with a 4.638% distribution rate to yield mid-swaps plus 220 basis points, according to a market source.
The notes were issued by MAF Sukuk Ltd. and are guaranteed by Majid Al Futtaim Holding with Majid Al Futtaim Properties LLC as obligor.
HSBC and Standard Chartered Bank were global coordinators and joint bookrunners of the Regulation S notes together with Abu Dhabi Islamic Bank, Dubai Islamic Bank, ENBD Capital, First Abu Dhabi Bank and Gulf International Bank as joint bookrunners.
The proceeds will be used to finance or refinance existing eligible projects such as renewable energy, energy efficiency, sustainable water management and green buildings.
The company is a Dubai-based conglomerate.
| Issuer: | MAF Sukuk Ltd.
|
| Obligor: | Majid Al Futtaim Properties LLC
|
| Guarantor: | Majid Al Fullaim Holding LLC
|
| Amount: | $600 million
|
| Maturity: | May 14, 2029
|
| Description: | Green sukuk
|
| Bookrunners: | HSBC, Standard Chartered Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, ENBD Capital, First Abu Dhabi Bank and Gulf International Bank
|
| Distribution rate: | 4.638%
|
| Price: | Par
|
| Yield: | 4.638%
|
| Spread: | Mid-swaps plus 220 bps
|
| Trade date: | May 8
|
| Settlement date: | May 14
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
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