Hybrid debt sale to pay buyout
Source: Agencies |
May 27, 2013, Monday
|
Print Edition
Print Edition
DUBAI mall developer Majid Al Futtaim Holding (MAF) is looking to raise US$500 million from the issue of a hybrid debt sale to finance its buyout of French hypermarket chain Carrefour's stake in a regional venture.
MAF, the sole franchisee of Carrefour hypermarkets in the Middle East, said last week it was buying out the company's 25 percent stake in the joint venture for US$680 million.
In an investor presentation seen by Reuters, MAF said it had enough liquidity at hand to finance the purchase.
"However, we are looking at a sub-ordinated security issuance as a pro-active and conservative measure to preserve debt capacity for organic growth, and to ensure no risk to credit rating," the presentation said.
The hybrid issue will contain both debt and equity characteristics.
MAF, the sole franchisee of Carrefour hypermarkets in the Middle East, said last week it was buying out the company's 25 percent stake in the joint venture for US$680 million.
In an investor presentation seen by Reuters, MAF said it had enough liquidity at hand to finance the purchase.
"However, we are looking at a sub-ordinated security issuance as a pro-active and conservative measure to preserve debt capacity for organic growth, and to ensure no risk to credit rating," the presentation said.
The hybrid issue will contain both debt and equity characteristics.
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