UAE mall developer Majid Al-Futtaim (MAF) is raising $1 billion from three and five-year loans, Bloomberg reports. The three-year portion will be a revolving credit facility, while the five year will be an amortizing loan.
The company intends to use the funds to refinance a 2012 maturity, adds Arab News. Banks, including Barclays, Standard Chartered, Emirates NBD and Credit Agricole, are participating in the loan.
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