DUBAI, (Reuters) – Dubai’s Majid Al Futtaim (MAF) Holding LLC, sole franchisee of hypermarket chain Carrefour in the Gulf, raised a $1 billion loan to refinance debt, it said on Sunday, after putting a bond sale plan on hold due to market conditions.

The financing comprises of a three-year revolver facility and a five-year term loan, was oversubscribed. Proceeds will be used to refinance a $1 billion syndicated loan, maturing in July 2012, as well as provide extra liquidity for the company, MAF Holding said in a statement.

MAF said half of its July 2012 syndicated facility has been already used up.

Barclays Bank , Credit Agricole , Emirates NBD and Standard Chartered served as lead arrangers on the transaction.

“We will continue to focus on diversifying our sources of funds and tapping the bond market continues to be a priority,” said Daniele Vecchi, treasurer of MAF Holding, in the statement.

The company set up a $2 billion medium term notes programme and conducted a series of investor meetings in the UAE, Asia and Europe last month but did not announce any plans to issue a bond from the programme.

MAF’s primary subsidiary is MAF Properties, which develops and manages shopping malls, hotels and master-planned communities across the Gulf. It plans to spend $3.5 billion upto 2015 on four new malls.

The mall developer had picked banks for a $1 billion loan, sources told Reuters earlier in the month.