Calyon Credit Agricole closes $1bn syndicated financing for Majid Al-Futtaim Group

Calyon also acted as Documentation Agent and as Facility Agent.

The Facility was split between a $500m Term Loan and a $500m Revolving Credit Facility and banks were invited to fund pro-rata either in US Dollars or United Arab Emirates Dirhams.

Mr Dale Summerville, Managing Director, Head of Central and Eastern Europe, Middle East and Africa (CEEMEA), Global Loan Syndication Group said, "It is an honor and privilege for Calyon to have been entrusted with bringing the Majid Al Futtaim Group to the international syndicated loan markets in the group's premier, broadly marketed financing facility at such at such attractive terms, particularly in such difficult times for both regional and international banks.

The success of the syndication and the amount raised demonstrate once again the robustness, and the flexibility, of the syndicated loan markets, as well as the highly competitive terms that a quality corporate signature is able to command when carefully managing the requirements and the expectations of its relationship banks."

The purpose of the four-year Facility, which carries a margin of 1.00% per annum, is to refinance certain existing indebtedness and for general corporate purposes.

The transaction represents a debut syndication for the Borrower and was very well received by the market, attracting strong interest from leading international and regional banks.

Bookrunner and IMLA
Calyon

Mandated Lead Arranger
Arab Bank plc
Banque Saudi Fransi
Barclays Bank plc
Emirates International PJSC
Mashreqbank psc

Lead Arranger
Samba Financial Group
Citibank N.A.

Arranger
Abu Dhabi Commercial Bank
National Bank of Abu Dhabi
Union National Bank

Co-Arranger
Al Ahli Bank of Kuwait K.S.C.

Senior Lead Manager
Banque Bia

Founded in 1992, the Majid Al Futtaim Group was originally created to bring the first regional shopping mall to the Middle East. Today the Group is the market leading developer, owner and operator of retail mall space, retail franchises and associated developments in the Gulf region. Majid Al Futtaim Group owns and operates iconic assets like Mall of the Emirates, the World's Best Performing shopping mall and holds a majority stake in a retail franchise business with Carrefour.