Majid Al Futtaim Holding, the operator of Carrefour stores in the Middle East, is raising more than US$1.5 billion from a revolving credit facility to replace a loan, according to a banker familiar with the plan.
The Dubai-based company, which postponed the sale of perpetual bonds in June, is raising the five-year loan in dollars and dirhams, said the banker, who asked not to be identified because the information is not public yet. The debt is priced at around 200 basis points, or 2 percentage points, above the London interbank offered rate with about 15 banks expected to participate, the banker said.
A spokesman for Majid Al Futtaim Holding, who asked not to be identified because of company policy, declined to comment.
The operator of Dubai's Mall of the Emirates, which boasts an indoor ski slope, raised $1bn from a three-year revolving credit facility and a five-year term loan in July 2011. Twelve banks participated in that facility including Barclays, Credit Agricole, Emirates NBD and Standard Chartered. The three-year facility paid a margin of 250 basis points and the five-year loan of 275 basis points, two people familiar with the deal said at the time.
Majid Al Futtaim is returning to the debt market after Dubai companies, including Dubai Duty Free, reduced the pricing on their loans. The cost to protect the emirate's debt from default has dropped more than 100 basis points from July 2011 to 230 yesterday, according to data from CMA, as several debt laden state-owned companies repaid or restructured loans.
Majid Al Futtaim said this year it plans to invest Dh3 billion in Dubai projects and may buy a part of Spinneys supermarket chain in the Middle East. The company delayed the June bond sale after global yields rose on expectations the US Federal Reserve will reduce its bond buying program this year.
In a revolving credit facility money repaid can be borrowed again.
* Bloomberg News
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