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.
Barclays, J.P. Morgan, National Bank of Abu Dhabi, Standard Chartered Bank and UBS Investment Bank are book runners for the regulation S transaction under the company's $2 billion global medium term note program.
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.
MAF, a privately-owned property, hospitality and retail group active in the Middle East and North Africa region, in January sold $400 million of Islamic bonds.
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; nikhil.lohade@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
27-06-12 1224GMT
