Majid Al Futtaim Properties priced a USD 500 mn, 10-year senior unsecured sukuk at a spread of 95 bps over US Treasuries, tightening from initial guidance of 125 bps, after orders surpassed USD 1.75 bn, including interest from joint lead managers, Zawya reports. The notes will be listed in Dubai and Dublin.

The details: The issuance, which is part of the group’s USD 3 bn debt program, landed with a coupon rate of 4.875% and a yield of 4.955%, after being offered at a reoffer price of USD 99.375. Proceeds will go toward general corporate purposes and refinancing, Zawya said.

REFRESHER- Majid Al Futtaim Properties is ramping up expansion plans across the region, with more than EGP 15 bn (AED 1.1 bn) earmarked for its new mixed-use Junction project in West Cairo, where it also plans to invest EGP 1.9 bn (c. AED 143.6 mn) in the retail sector this year alone. Over in Saudi Arabia, it has earmarked SAR 17.5 bn for an integrated urban development in Riyadh, CEO Ahmed El Shamy told us in April, and is working on a d an a retail multiplex in Diriyah Square.

Tags: