Dentons plays key role in issuance of $500m MAF Global Notes
DUBAI, July 19, 2022
Dentons, a global law firm with a major presence in the UAE, said it had advised the joint lead managers on the issuance of $500 million reset subordinated perpetual notes by MAF Global Securities, a special purpose vehicle (SPV) issuer incorporated in the Cayman Islands. The transaction was successfully completed on June 30.
Dentons pointed out that the issuance was irrevocably guaranteed, on a joint and several basis, by Majid Al Futtaim Holding and Majid Al Futtaim Properties.
Fitch Ratings Limited rated the issuance at BB+. The issuance was listed on the regulated market of Euronext Dublin and was offered to sophisticated investors, outside the US, in reliance on Regulation S under the US Securities Act of 1933.
Dentons had also advised the dealer managers on the simultaneous tender offer for MAF Global Securities Limited's $500 million notes, which were issued in 2017.
Part of the issue proceeds of MAF Global Securities' 2022 issuance were used to redeem notes from the 2017 issuance that had been tendered for repurchase, stated the top law firm.
The Dentons team in Dubai was led by Debt Capital Markets partner Alex Roussos, with assistance from senior legal consultant Katie Phillips, senior associate James Osun-Sanmi, senior associate Sana Siddiqui and paralegal Lucy Elliott.
On the successful deal, Roussos, said: "We are delighted to have been part of this transaction and to support our clients as well as the company reach a very successful outcome."
"As everyone is aware, current market conditions are not favourable to issuers trying to price new deals, which makes the successful sale of this corporate hybrid bond even more important," stated Roussos.
"We hope that it provides a blueprint for other issuers who are determined to succeed in these uncertain times," he added.-TradeArabia News Service
