Dubai-based National Central Cooling Company (Tabreed) has completed its recapitalisation programme by refinancing AED2.63bn ($716m) of bank debt and securing up to AED3.1bn of committed long-term capital from Abu Dhabi’s Mubadala.

Tabreed’s shareholders approved its recapitalisation plans in May 2010. Mubadala’s AED3.1bn investment comprises AED1.7bn in subordinated mandatory convertible notes and up to AED1.4bn in a subordinated loan facility.

The AED2.63bn refinanced portion is now priced at 175 basis points stepping up to 200bp in January 2014 for the instalment facility and at 200bp increasing to 240bp in January 2014 for the bullet facility.

The programme also included the cancellation of 970 million shares in a capital reduction, which was completed in December 2010.

Now that the company has completed its recapitalisation plans, it intends to focus on its future activities growth and expansion plans.

“Tabreed will now focus on completing its build-out programme, further developing the company’s core chilled water business and identifying new opportunities for growth,” says Khaled al-Qubaisi, managing director of the firm.