Tabreed close to finalising $400m loan

29 April 2008
The UAE’s National Central Cooling Company (Tabreed) is close to finalising terms on a AED1.5bn ($408m) convertible Islamic finance facility.

The financing is one of several deals in the region being priced in local currency, in an attempt by borrowers to attract local rather than international investors and so keep borrowing costs down.

The arranging banks will begin working on structuring the price of the deal in the near future. One banker working on the deal says “response from the region looks healthy, particularly as the convertible nature of the deal means it has the attraction of equity as well.”

Morgan Stanley is acting as sole bookrunner on the deal, with Standard Chartered and National Bank of Abu Dhabi acting as joint lead managers.

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications