Norton Rose Fulbright Advises Majid Al Futtaim on One of the First International Hybrid Corporate Bond Issuances in the Gulf Region

Global legal practice Norton Rose Fulbright has advised leading regional developer Majid Al Futtaim on one of the first international hybrid bond issuances by a corporate borrower in the Gulf region. The issuance of US$500 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.

Goldman Sachs International and HSBC acted as structuring advisors on the deal, joined by Bank of America Merrill Lynch, Emirates NBD Capital Limited, J.P. Morgan and Standard Chartered Bank as Joint Lead Managers.

Matthew Escritt, banking and finance partner, Norton Rose Fulbright, commented:

“We are excited to have been involved in such a ground-breaking transaction. The arrival of such innovative debt capital markets (DCM) instruments is a significant development for the DCM market in the GCC. It is a real vote of confidence in these markets and an indication of their growing international importance for investors.”

The Norton Rose Fulbright team was led by partner Matthew Escritt with support from of counsel Ferzana Haq and associate Katie Phillips.

Maples and Calder advised the Issuer on Cayman Islands law.

Allen & Overy LLP advised the Joint Lead Managers and BNY Mellon Corporate Trustee Services Limited, as the Delegate, on English law matters.

The closing date was Tuesday 29 October 2013.

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