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Majid Al Futtaim (MAF) Holding LLC, rated BBB by S&P and Fitch with a stable outlook, tightened the price on its $500 million benchmark reset subordinated Perpetual Non-Call 5.25-year bond to 5.7477%.
The initial price thoughts were in the 6.375% area.
The no-grow Reg S Eurobond has a yield of 5.75%, with a re-offer price set at par.
The final orderbook is in excess of $1.8 billion, excluding JLM interest.
The offering has an expected rating of BB+ by S&P and Fitch, with a Euronext Dublin listing.
MAF Global Securities Limited is listed as the issuer.
MAF Holding, one of the largest developers and operators of shopping malls, retail and leisure outlets, and hypermarkets in the GCC, also announced a fixed price tender offer to purchase its outstanding $400 million reset subordinated perpetual notes with a first call date of 20 December 2025 and up to a maximum aggregate principal amount of $190 million of its outstanding $500 million notes. The first call date set is 30 June 2027.
Citi, Goldman Sachs International, HSBC, and Standard Chartered Bank are joint global coordinators and joint bookrunners on the offering, along with Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan and Mashreq as joint bookrunners and joint lead managers.
(Writing by Bindu Rai, editing by Brinda Darasha)
