Majid Al Futtaim Raises $1 Billion Loan After Delaying Bond
This article is for subscribers only.
Majid Al Futtaim Holding LLC raised $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 $1 billion loan maturing in July 2012 and to build a “liquidity buffer,” the company said.