Tabreed closes AED2.6bn refinancing

Tabreed closes AED2.6bn refinancing

Published: January 5, 2015

UAE cooling company shrinks banking syndicate and refinances loans due in coming seven years.

National Central Cooling Company, a UAE-based regional district cooling company better known as Tabreed, has refinanced AED2.6bn (US$707.8mn) of debt.

The deal refinances a AED692mn senior term loan maturing at the end of 2018, a AED1.45bn facility maturing in March 2021, and a AED450mn revolving credit facility also maturing in 2021.

The refinancing comes from a smaller subset of Tabreed’s existing banking syndicate. Abu Dhabi Commercial Bank, First Gulf Bank and Mashreqbank acted as mandated lead arrangers.

Tabreed owns and operates 67 district cooling plants delivering more than 938,800 tonnes of cooling to projects including Dubai Metro, the Pearl complex in Qatar and the Jabal Omar Development Project in Mecca.