Norton Rose Fulbright advises on US$500m hybrid bond issuance by Majid Al Futtaim

Business March 8, 2017

Global law firm Norton Rose Fulbright has advised the global co-ordinators and joint lead managers on the issuance by MAF Global Securities Limited of Reset Subordinated Perpetual Notes, guaranteed by Majid Al Futtaim Holding LLC and Majid Al Futtaim Properties LLC. The notes were rated BB+ and received a 50% equity credit by both Standard & Poor's and Fitch.

Barclays Bank PLC, Goldman Sachs International, HSBC Bank plc and Standard Chartered Bank were the global co-ordinators on the deal, joined by Emirates NBD Bank P.J.S.C. and National Bank of Abu Dhabi P.J.S.C. as joint lead managers.

Gregory Man, partner in the Dubai office of Norton Rose Fulbright commented:

“We were delighted to have been involved in this most recent hybrid issuance for Majid Al Futtaim, the first by the company since its debut US$500 million issuance in 2013, on which Norton Rose Fulbright also advised. This transaction marks yet another important milestone for the company as it continues to grow its business and diversify its funding profile.”

The Norton Rose Fulbright team advising the global co-ordinators and joint lead managers was led by partner Gregory Man with support from associate Tom Burke.

A Norton Rose Fulbright team led by of counsel Kirstin Russell (London) also advised Citibank, N.A. as trustee.

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