By Taylor Fox
New York, Oct. 21 – National Central Cooling Co. PJSC, or Tabreed, priced $500 million 2˝% seven-year coupon bonds (ratings: Baa3//BBB), according to a news release.
The issuance was oversubscribed almost 5 times its initial size of $400 million.
The demand allows Tabreed to tighten pricing to achieve a final coupon of 2˝% and to increase the size of the final bond to $500 million.
The seven-year bond was particularly well received by international investors, who accounted for 90% of the final geographical allocation, with 49% from Europe, 21% from Asia and 20% from offshore U.S. funds.
J.P. Morgan Securities plc and HSBC were joint global coordinators and bookrunners for the Regulation S issuance.
Commercial Bank of Dubai was joint lead manager.
Tabreed is a utility based in the United Arab Emirates.
| Issuer: | National Central Cooling Co. PJSC, or Tabreed
|
| Description: | Notes
|
| Amount: | $500 million
|
| Maturity: | Seven years
|
| Bookrunners: | J.P. Morgan Securities plc and HSBC
|
| Distribution rate: | 2˝%
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
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