UAE's Tabreed plans to price Dh 1.1 billion of three-year mandatory convertibles

By Rebecca Melvin

New York, April 14 - National Central Cooling Co. PJSC (Tabreed) intends to price a Shari'a compliant offering of Dh 1.1 billion of three-year mandatory convertible trust certificates, according to a syndicate source.

The sukuk has a dirham-denominated greenshoe equivalent to about $50 million.

Price talk on the Regulation S deal was expected to be available at the start of the roadshow on April 20 or April 21.

Morgan Stanley is acting as bookrunner and joint lead manager of the offering, with Standard Chartered Bank and National Bank of Abu Dhabi acting as joint lead managers when the roadshow starts.

The mandatories will be exchangeable into ordinary shares of Tabreed at maturity in 2011.

Based in the United Arab Emirates, Tabreed plans to use proceeds to finance cooling plants and distribution facilities needed to support expansion in the region.

Tabreed is a utility that provides cooling services throughout the Gulf Cooperation Countries region.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.