Dentons on US$500M Trust Certificates Issuance by MAF Sukuk
Dentons provided legal counsel to the managers in a successful issuance of US$500 million Trust Certificates by MAF Sukuk, an SPV incorporated in the Cayman Islands. The transaction was completed on June 1, 2023, with Citigroup, HSBC, and Standard Chartered Bank acting as global co-ordinators and joint lead managers. Joint lead managers included Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, and First Abu Dhabi Bank, while Bank ABC and ICBC International acted as co-managers. Majid Al Futtaim Holding irrevocably guaranteed the issuance.
S&P Global Ratings Europe Limited and Fitch Ratings Limited assigned a BBB rating to the issuance. It was dual-listed on the regulated market of Euronext Dublin and Nasdaq Dubai, and offered to sophisticated investors outside the US under Regulation S of the US Securities Act of 1933. The proceeds from the issuance were utilized to fund or refinance eligible projects within the eligible categories outlined in the Majid Al Futtaim Group’s Green Finance Framework.
Additionally, Dentons advised Citigroup, HSBC, and Standard Chartered Bank (as global co-ordinators and dealer managers), as well as Abu Dhabi Commercial Bank and First Abu Dhabi Bank (as dealer managers), on a simultaneous tender offer for MAF Global Securities Limited’s outstanding US$800 million 4.750% Notes due 2024, issued in 2014. The tender offer process was successfully concluded on June 2, 2023.
The Dentons team in Dubai was led by partner Alex Roussos (pictured), with assistance from senior legal consultant Katie Phillips and senior associate James Osun-Sanmi.
International law firm Clifford Chance has advised Majid Al Futtaim on the issuance of a US$500 million green sukuk. Clifford Chance’s team comprised partner and Head of Middle East Capital Markets, Stuart Ure (Dubai), Pearl Mahaga (senior associate, Dubai, pictured), Benedetta Tola (associate, Dubai) and Saby Mahmud (trainee, Dubai). For further information on the team members click here.
