24 July 2016
Clifford Chance advises on US$300 million Majid Al Futtaim tap issuance
Clifford Chance's Dubai office has advised Majid Al Futtaim Holding LLC and Majid Al Futtaim Properties LLC on the tap issuance by MAF Global Securities Limited of US$300 million 4.75% per annum notes due 2024 (consolidated and forming a single series with the US$500 million 4.75% notes due 2024 issued on 7 May 2014). The notes were issued under the MAF Global Securities Limited US$3 billion global medium term note programme guaranteed by Majid Al Futtaim Holding LLC and Majid Al Futtaim Properties LLC. This successful transaction represents the first capital markets transaction from the region of the second half of the year.
Clifford Chance partner Stuart Ure commented: "We are delighted to have partnered with Majid Al Futtaim once more and the successful tap reflects the strong investor demand for the credit and the liquidity of the securities, together with the benefits in having a year-round funding platform, allowing for timely execution to access optimal funding windows."
Clifford Chance also advised Majid Al Futtaim Holding LLC and Majid Al Futtaim Properties LLC on the update of the programme in May 2016.
The Clifford Chance team was led by Stuart Ure, with the support of senior associate Rafe Khokhar and associate Julian Walley.