Jul 24 2011 |
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Majid Al Futtaim Holding closes USD 1 billion financing deal
Dubai, July 24 2011 - Majid Al Futtaim Holding LLC, a leading property, hospitality, leisure and retail group in the MENA region, announced that it has successfully raised USD 1 billion financing facility in a club deal recently. The transaction, which was oversubscribed, consisted of two tranches - a 3 year revolver facility and a 5 year term loan.The proceeds will be used for early refinancing of the USD 1 billion syndication maturing in July 2012, which is currently 50% utilized, and also for building the company's liquidity buffer in line with its internal policies.
Barclays Bank , Crédit Agricole Corporate and Investment Bank, Emirates NBD Bank and Standard Chartered Bank were the Mandated Lead Arrangers. Other participants include Union National Bank , Arab Bank , National Bank of Abu Dhabi , SAMBA Financial Group , Mashreq Bank , Abu Dhabi Commercial Bank , National Bank of Kuwait and AK Bank.
-Ends -
Daniele Vecchi/ Shrimati Damal
Group Treasury
Majid Al Futtaim Group LLC
Tel: +971 4 209 3473
Daniele.Vecchi@maf.ae/Shrimati.Damal@maf.ae
Claire Gore
Brunswick Gulf
Tel: +971 4 446 6270
© Press Release 2011
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