Dentons has advised Majid Al Futtaim Holding LLC on the update of its U.S.$2,000,000,000 Global Medium Term Note Programme (the GMTN Programme) and U.S.$1,000,000,000 Trust Certificate Issuance Programme, both completed on 29 April. Dentons also advised the company on the issue of U.S.$500,000,000 4.750 per cent. Notes due 2024 under the GMTN Programme, completed 7 May 2014. Both programmes as well as the Notes are listed on the Irish Stock Exchange and the NASDAQ Dubai.
The GMTN Programme was arranged by Barclays Bank, Emirates NBD and Standard Chartered Bank. The Sukuk Programme was arranged by Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC Bank and Standard Chartered Bank.
Barclays Bank, Citigroup, Crédit Agricole Corporate and Investment Bank, Emirates NBD, HSBC and Standard Chartered Bank acted as Joint Lead Managers in relation to the Note issuance with Abu Dhabi Commercial Bank, Banci IMI and Union National Bank as Co-Managers.
Dentons capital markets partner, Alex Roussos, commented: “We are delighted to have advised the company in this rare offering of a 10-year bond. The pricing result is testament to the company’s excellent track record in the capital markets and continues the strong revival of debt offerings in the Middle East over the past few months.”
The Dentons team was led by Alex Roussos and included senior associate Beene Ndulo and lawyer Katie Phillips.
