The UAE’s major FEC operator, the Majid Al Futtaim group (MAF), is refinancing its outstanding US$500m perpetual bonds.
The group, one of the largest shopping mall developers in the region, has hired banks to carry out the refinancing and will hold meetings with investors next week.
A bank document lodged this week states that there would be the issuing of benchmark, US dollar-denominated reset subordinated perpetual green hybrid bonds, non-callable for 5.25 years following.
MAF has announced a tender offer for the outstanding perpetual notes with a first reset date of September 7 to buy up to the amount of the new notes.
