Jul 24 2011 |
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* Dubai's Majid Al Futtaim Says Closed $1B Financing Deal
Sunday, Jul 24, 2011
(MORE TO FOLLOW) Dow Jones Newswires
24-07-11 0633GMT
Dubai's Majid Al Futtaim Says Closed $1B Financing Deal
Sunday, Jul 24, 2011
DUBAI (Zawya Dow Jones)--Dubai-based Majid Al Futtaim Holding , or MAF , said Sunday it has raised $1 billion via a three-year club financing deal, which will be partly used for refinancing an existing facility and to boost the group's liquidity.
MAF said, in an emailed statement, that the oversubscribed deal consists of two tranches--a three-year revolver facility and a five-year term loan.
"The proceeds will be used for early refinancing of the $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," the group said.
Barclays Bank , Credit Agricole Corporate and Investment Bank , Emirates NBD and Standard Chartered Bank were the mandated lead arrangers on the transaction, MAF said.
Other participating lenders were 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 , according to the statement.
MAF , a privately-owned property, hospitality and retail group active in the Middle East and North Africa region, in June established a $2 billion global medium term note program but hasn't issued any bonds as part of it. Several U.A.E. companies that were planning to tap the bond market have delayed their plans due to global market uncertainty.
-By Oliver Klaus, Dow Jones Newswires; +9714 446-1693; oliver.klaus@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
24-07-11 0649GMT
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