$1 billion loan to refinance debt

Majid Al Futtaim Holding has established itself as the leading retail and leisure pioneer across the Middle East and North Africa region. Dubai's Majid Al Futtaim Holding, sole franchisee of hypermarket chain Carrefour has raised a $1 billion loan to refinance debt, after putting a bond sale plan on hold due to market conditions. The financing comprising a three-year revolver facility and a five-year term loan was oversubscribed. It aims to use the proceeds to refinance a $1 billion syndicated loan, which matures in July 2012, as well as provide extra liquidity for the company. Barclays Bank, Credit Agricole , Emirates NBD and Standard Chartered served as lead arrangers on the transaction. 'We will continue to focus on diversifying our sources of funds and tapping the bond market continues to be a priority,' said Daniele Vecchi, Treasurer of MAF Holding. The company set up a $2 billion medium term notes programme and conducted a series of investor meetings in the UAE, Asia and Europe last month but did not announce any plans to issue a bond from the programme. MAF's primary subsidiary is MAF Properties plans to spend $3.5 billion up to 2015 on four new malls.