Jun 27 2012
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Dubai's MAF Launches $500 Mln, 7-Yr Bond Issue - Source
Wednesday, Jun 27, 2012
DUBAI (Zawya Dow Jones)--Dubai-based Majid Al Futtaim Holding has launched a $500 million, 7-year bond, a banker aware of the deal said Wednesday.
The final price of 5.25% is tighter than initial talk of around 5.375%, the banker, who declined to be identified, told Zawya Dow Jones.
The company met fixed-income investors in London and Singapore as it looked to raise cash to fund its regional expansion plans.
The company's Chief Executive Iyad Malas in March said MAF aims to raise longer-dated debt to finance its ambitious regional growth plans after issuing an inaugural five-year Islamic bond earlier this year.
In a presentation to investors this week, MAF said it continues to focus on expanding its operations in the wider Middle East & North Africa region.
It has $291 million of committed capital expenditure, excluding Syria, while having $942 million of committed undrawn facilities and $652 million in cash as of December 2011.
MAF , in the presentation, said the group's revenues in the first quarter rose 19% on year to $1.4 billion, while earnings before interest, taxes, depreciation and amortization, or ebitda, was up 29% on year at $211 million.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; firstname.lastname@example.org; Twitter: @ZDJnews
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