MAF Sukuk issues $500m trust certificates

Arabian Post Staff

MAF Sukuk Ltd, a special purpose vehicle (SPV) issuer incorporated in the Cayman Islands, announced the successful issuance of $500 million trust certificates.

The transaction was successfully completed on 1 June 2023 with Citigroup, HSBC and Standard Chartered Bank, acting as global coordinators and joint lead managers, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank and First Abu Dhabi Bank as joint lead manager), and Bank ABC and ICBC International as co-manager). The issuance is irrevocably guaranteed by Majid Al Futtaim Holding LLC. Dentons acted as advisors.

Each of S&P Global Ratings Europe Limited and Fitch Ratings Limited rated the issuance at BBB. The issuance was dual listed on the regulated market of Euronext Dublin and on Nasdaq Dubai, and was offered to sophisticated investors outside the US in reliance upon Regulation S under the US Securities Act of 1933. The proceeds of the issuance were used to fund or refinance a portfolio of eligible projects within eligible categories as set out in the Majid Al Futtaim Group’s Green Finance Framework.

Dentons also advised Citigroup, HSBC and Standard Chartered Bank and Abu Dhabi Commercial Bank and First Abu Dhabi Bank on the simultaneous tender offer for MAF Global Securities Limited’s outstanding US$800 million 4.750 percent Notes due 2024, which were issued in 2014. The tender offer process was completed on 2 June 2023.