The company operates Carrefour stores across the Middle East.
The potential bond, which could become the Gulf’s first international hybrid to be issued by a corporate borrower, will be callable after the first five years.
The coupon on the bond will step up by 25bp in year 10 and by an additional 75bp in year 25, according to the proposed terms.
The mall operator originally announced the transaction and conducted investor roadshows in May, but was forced to delay the sale due to adverse market conditions.
It sought to raise the money to fund its planned buyout of Carrefour’s 25% stake in MAF’s hypermarket business.
Goldman Sachs and HSBC are structuring advisors on the deal, joined by Bank of America Merrill Lynch, Emirates NBD Capital, JP Morgan and Standard Chartered as joint bookrunners.
The Reg S-only notes are expected to be rated BB+ and to receive a 50% equity credit by both Standard & Poor’s and Fitch. The issuer is rated BBB/BBB by the same agencies.-Reuters