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Majid Al Futtaim (MAF) Holding LLC, rated BBB by S&P and Fitch with a stable outlook, has mandated banks for a benchmark dollar-denominated Reg S only reset subordinated Perpetual Non-Call 5.25-year notes.
The mandate comes alongside a tender offer issued by MAF Holding, which is one of the largest developers and operators of shopping malls, retail and leisure outlets, and hypermarkets in the UAE.
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.
MAF Global Securities Limited is the issuer on the offering, with an expected rating of BB+ by S&P and Fitch.
The notes will be listed on Euronext Dublin.
Global investor calls and a series of fixed income investor calls commenced on Tuesday 11 November 2025.
The developer has also announced a fixed price tender offers 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, with a first call date of 30 June 2027.
(Writing by Bindu Rai, editing by Brinda Darasha)
