Majid Al Futtaim has obtained a USD1bn-equivalent loan, banking sources familiar with the matter said on Monday. The syndicated loan, which was coordinated by the company, is a revolving credit facility with a five-year tenor and comprises banks' commitments in both USD and AED. Union National Bank (UNB) was the facility agent for the transaction, one of the sources said. The company had been in discussions with banks for the revolving loan since the beginning of the year. Sources told Reuters at that time that the loan would refinance some of Majid Al Futtaim's existing debt.

Union Natl. Bank (AD) : AED4.24 as of 13 Mar. 2017, Rating: Neutral, TP: AED4.80/share, MCap: USD3,178mn, UNB UH/UNB.AD