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Tabreed authorises board to issue $1 bn bonds

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DUBAI, 7th October, 2020 (WAM) — National Central Cooling Company (Tabreed) got the approval of their shareholders to raise up to $1 billion through the issuance of bonds or sukuk to be offered to qualified investors.
They will be issued in one or more tranches over the next 12 month and valued with a tenor of up to 30 years at a profit rate not exceeding the prevailing market rate available to the companies with the same credit rating, the company said in a filing today to the Dubai Financial Market where it is listed.
The proceeds of the issuance will be used to fund acquisitions or for general corporate purposes.