The Emirati group, Majid Al Futtaim, intends to issue green sukuk with a potential standard for ten years, and has commissioned banks to do so.
According to an indicative term sheet seen by Reuters on Monday, proceeds from the sale of the sukuk will go towards financing or refinancing suitable green projects under the company’s 2019 green financing framework.
Citigroup and H.E. s. with me. C and Standard Chartered are joint global coordinators for the deal.
It was also joined by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank and First Abu Dhabi Bank as issue managers, and it is understood from the benchmark that it is at least $500 million.
In a presentation to investors seen by Reuters, the company showed assets of about $18 billion as of the end of last year, and a portfolio that includes shopping malls, entertainment and hospitality, among other investments.
The presentation stated that the company owns outstanding bonds and current banking facilities, excluding undrawn facilities, amounting to about $4.3 billion.
Majid Al Futtaim had revealed a fixed-price tender for its $800 million unsecured bonds due to be paid in May 2024, with a basic amount of about $500 million as a maximum.
2023-05-22 18:57:56
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