GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking Investments

 
  Share

Also arranges new bank facilities of AED 1.5bn 

30 October, 2018 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today announces it has successfully raised US$500 million (AED 1.8 billion) with a fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. The issue follows a series of fixed income investor meetings which took place in Europe and Asia, as well as in the United Arab Emirates.

The new sukuk, which will be listed on the London Stock Exchange, had strong institutional demand both locally and in Asia and Europe, which enabled the issue to be oversubscribed by 50%. The sukuk was competitively priced, with a profit rate of 5.5%, underpinned by Moody's Baa3 and Fitch's BBB credit ratings, which were announced last week. These ratings are the first to be assigned to Tabreed by Moody's and Fitch, and have also been assigned to the sukuk itself.

The ratings agencies noted Tabreed's robust and sustainable business model, the long term nature of its customer contracts and the consequent strength and resilience of its cashflows in attributing their ratings. The company's strong competitive position in the growing GCC market was also referenced, as well as its low risk profile and supportive shareholder base.

In addition to the new sukuk, Tabreed has arranged new bank facilities up to AED 1.5 billion. Together with the proceeds from the new sukuk, these will be used to refinance AED 2.8 billion of current corporate debt. The refinancing of this debt will deliver a number of benefits, including improved balance sheet efficiency and a longer debt maturity. These in turn will further improve Tabreed's cashflow, providing fresh impetus for the company's expansion into both existing and new markets. 

Khaled Abdulla Al Qubaisi, Tabreed's Chairman, commented: “We are very pleased that Tabreed has been rated as Investment Grade by Moody's and Fitch. We see this as a testament to the financial strength, robust business model, and strong position we have in the UAE and across the GCC. This new sukuk, which was well received by the market, further strengthens our balance sheet and reinforces our robust financial position and leaves us well placed for further growth.”

Jasim Husain Thabet, Tabreed's Chief Executive Officer, commented: “We are delighted  with the market's positive response to our sukuk, and with the recognition Tabreed continues to gain as a safe and high-quality investment. This successful issuance leaves us in a stronger position to leverage growth, with even greater capital and operational efficiency.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region's energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi's Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.



Posted by : GoDubai Editorial Team
Viewed 8497 times
Posted on : Tuesday, October 30, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Unilever MENA calls for collective action as it's revealed that 54% of consumers are keen to purchas...
Next Story : National Bonds launches savings drive to celebrate World Savings Day
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Boss Bottled Oud Aromatic and Saffron: the New Enticing Fragrances
An essential guide to buying fragrance
SPF Must Haves – for everyday sun exposure!
Michael Kors Co-hosts the 10th Anniversary of the Annual Filmmakers Dinner
Flormar's Three Beauty Essentials for Ramadan Nights
Gift your loved ones a fragrance to remember this Eid by Rasasi Perfumes
Dubai Customs discusses more cooperation with vegetable and fruit sector
Rado True Thinline My Bird Limited Edition'
V-Circle / Logomania Edition & Greca Edition
Carl F. Bucherer celebrates premiere of John Wick: Chapter 3 – Parabellum...
Chronoswiss Flying Regulator Night and Day Limited Edition
Eberhard & Co. pays extravagant tribute to Alfa Romeo with Quadrifoglio Verde ch...
MOUAWAD: Wedding Sets 2019
Police Is the Official Eyewear in the Sony Pictures Film “Men in Blacktm: Intern...
Longchamp & Kendall Jenner Celebrate the Launch of the Longchamp Lgp Collection ...
Travel Essentials Guide
Splash latest product images
Karl Lagerfeld and Puma Introduce Two Special-Edition Sneakers
Range Rover Reaches New Heights With Astronaut Edition Built to Celebrate Partn...
Salvatore Ferragamo Features Leather Sunglasses In the Spring/summer 2019 Adver...
The Luxury Closet supports Dubai Cares' global education programs
Listings: Manarat AL Saadiyat
Samsung Becomes First TV Manufacturer to Launch The Apple TV App and AirPlay 2
Visit Dubai Festival City this Ramadan and Grab Exclusive Offers
Grand Opening of Prof. Sakla Spanish Eye Clinic for Eye Surgeries & Treatments i...
This Ramadan choose complete peace of mind with Al-Futtaim Toyota Pre-owned deals
Embrace the Spirit of the Holy Month of Ramadan at Yas Mall, The Mall at World T...
Marks & Spencer Unveils Its Chic Linen Summer Collection
Over 114,000 benefitting now from Malabar Gold & Diamonds CSR Initiatives with S...
12th Edition of ‘Eiman Oasis' to be Held at Al Qasba Mosque During Ramadan
Michael Kors Collection Fall 2019
The iconic Maserati GranTurismo joins Dubai Police luxury patrol fleet
Empower signs Gold Sponsorship Agreement with ASHRAE RAL for two years
Pure Gold Jewellers launches Arabic calligraphy diamond pendants for Eid
Crazy Diamonds – Tradition With a Twist
Sultan bin Ahmed Al Qasimi Launches Kan Yama Kan Book Donation Campaign's fifth ...
H.E. Sheikh Nahayan hails Australia's culture of tolerance as key factor behind ...
Etihad ESCO signs Contracts with Sharaf Electronics to retrofit 15,000 Light Fixtures
Salem Ahmad Almoosa hosts MoI Ramadan Majlis Council held under the theme ‘Human...
Kuwait's Al Shatti wins Epee gold, but Egyptian star Abouelkassem loses to Giaco...
Hormann introduces unique wicket door with trip-free threshold
STARZPLAY: Top ten picks for Ramadan 2019
Dubai Customs organizes first of its kind Suhur gathering for government female ...
Jaguar Classic Creates Tailor-made XK120 For Male Model David Gandy
A Contemporary Ode to Ancient Metallurgy
Supreme Armenian Patriarch Hails UAE as Global Model of Peaceful Coexistence
Celebrate the spirit of Ramadan and Eid at home with Robinsons
Shop at Manar Mall this Ramadan to win a stunning sea-view apartment in Al Hamr...
Mohammed bin Rashid Space Centre opens registration for 22nd IAA Humans in Spac...
Icon Art Production invests over AED 15 million in Film, TV & Broadcasting Equipment