Majid Al Futtaim Holding LLC, the Dubai-based owner of the City Center shopping malls, may sell five-year bonds to help refinance borrowings, fund expansion and extend debt maturities.
“The bond market offers the right maturity profile for us,” said Daniele Vecchi, group treasurer for the company. Banks prefer to lend for two to four years while it takes longer than that to build a shopping mall and for it to begin generating cash, he said.
Majid Al Futtaim announced a $2 billion medium term note program June 14, filing a prospectus with the London Stock Exchange. Barclays Capital, Emirates NBD PJSC (EMIRATES) and Standard Chartered Plc (STAN) will arrange the transaction.
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