Norton Rose advises Majid Al Futtaim

Norton Rose Fulbright advised Banque Misr and National Bank of Egypt as the Mandated Lend Arrangers on the EGP 3 billion (approximately USD441 million) syndicated financing for the Mall of Egypt project developed by Majid Al Futtaim (MAF). 

The team was led by partners Paul Mansouri and Matthew Escritt, with assistance from Natasha Kavanagh, Léonie Hamway and Ben Harris. Baker & McKenzie acted as lead counsel to MAF. Sarie-Eldin & Partners acted as lenders’ Egyptian legal counsel. 

The firm also advised MAF on one of the first international hybrid bond issuances by a corporate borrower in the Gulf region. The issuance of USD500 million Reset Subordinated Perpetual Notes, callable after five years, were rated BB+ and received a 50 per cent equity credit by both Standard & Poor's and Fitch. It was led by partner Matthew Escritt with support from of counsel Ferzana Haq and associate Katie Phillips. 

A syndicate of thirteen banks were also advised by the firm in relation to unsecured USD1.159 billion and AED1.609 billion syndicated facilities for MAF.