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MAF sells $500 million in perpetual green bonds for refinancing
The yield was tightened from initial guidance of 8.125 per cent to 8.25 per cent for the equity-like debt sale after orders topped $1 billion. — File photo
Majid Al Futtaim (MAF), which develops shopping malls across the Middle East, on Thursday sold $500 million in perpetual green hybrid bonds non-callable for 5-1/4 years at 7.95 per cent, a bank document showed.
The yield was tightened from initial guidance of 8.125 per cent to 8.25 per cent for the equity-like debt sale after orders topped $1 billion, the document from one of the banks involved in the deal showed.
Citi, HSBC — the sole green structuring agent — and Standard Chartered are joint global coordinators, joined by Abu Dhabi Commercial Bank, Emirates NBD Capital and First Abu Dhabi Bank as joint lead managers.
The bond sale, expected to price later on Thursday, is to refinance MAF’s outstanding $500 million perpetual bonds. — Reuters
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