Majid Al Futtaim Holding raised US$1 billion from a group of banks to refinance debt after the operator of Carrefour SA stores in the Middle East delayed plans to sell bonds.
The financing comprises a three-year revolving credit and a five-year term loan, the Dubai-based company said in an e-mailed statement today. The facility will be used for early refinancing of a US$1 billion loan maturing in July 2012 and to build a “liquidity buffer,” the company said.
The loan “has helped to lengthen the average maturity of our debt,” Daniele Vecchi, treasurer of Majid Al Futtaim, said in the statement. “To strengthen our financial profile further, we will continue to focus on diversifying our sources of funding and tapping the bond market continues to be a priority.”
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