Dentons advises the managers on the USD500 million Trust Certificates issuance of MAF Sukuk Ltd

Dentons has advised the managers on the successful issuance of USD500 million Trust Certificates by MAF Sukuk Ltd, a special purpose vehicle (SPV) issuer incorporated in the Cayman Islands. The transaction was successfully completed on June 1, 2023 with Citigroup, HSBC and Standard Chartered Bank (acting as global co-ordinators and joint lead managers), Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank and First Abu Dhabi Bank (acting as joint lead managers), and Bank ABC and ICBC International (acting as co-managers of the issuance). The issuance is irrevocably guaranteed by Majid Al Futtaim Holding LLC.

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 (as global co-ordinators and dealer managers) and Abu Dhabi Commercial Bank and First Abu Dhabi Bank (as dealer managers) on the simultaneous tender offer for MAF Global Securities Limited’s outstanding USD800 million 4.750 per cent Notes due 2024, which were issued in 2014. The tender offer process was completed on 2 June 2023.

The Dentons team in Dubai was led by partner Alex Roussos, with assistance from senior legal consultant Katie Phillips and senior associate James Osun-Sanmi.