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MAF seeking $1.5bn credit facility

Dubai-headquartered operator of Carrefour stores in the Middle East, Majid Al Futtaim Holding is raising over $1.5bn from a revolving credit facility to replace a loan, Bloomberg has reported, citing a banker familiar with the plan. The company, which postponed the sale of perpetual bonds in June, is raising the five-year loan in dollars and dirhams, said the banker. The operator of Dubai's Mall of the Emirates raised $1bn from a three-year revolving credit facility and a five-year term loan in July 2011.