Mashreq
MASQ
MASQ
ADCB
ADCB
ADCB
Tabreed
TABREED
TABREED
FGB
FGB
FGB
The National Central Cooling Company (Tabreed) has announced today, Monday, the completion of the refinancing of its current AED 2.6 billion debt facilities.
The conditions, margins, and tenor in the new agreement reflect Tabreed’s established position as a leading utility infrastructure business, the Company highlighted in its statement to the Dubai Financial Market (DFM), adding that the AED 2.6 billion refinancing consists of an AED 692 million senior term loan facility (Facility A), which matures on December 31, 2018, and an AED 1.450 billion senior term loan facility (Facility B), maturing on March 31, 2021, added to an AED 450 million revolving credit facility (RCF) with a maturity date of March 31, 2021.
The UAE-based regional district cooling Company’s refinancing has been consolidated into a smaller subset from Tabreed’s existing syndicate of banks, with Abu Dhabi Commercial Bank (ADCB), First Gulf Bank (FGB) and Mashreqbank acting as Mandated Lead Arrangers.
Commenting on the announcement, Tabreed CEO Jasim Husain Thabet stated: “As a result of Tabreed’s robust utility business model, which is anchored in long-term, stable and recurring revenue streams, we have taken the opportunity to refinance our existing debt and strengthen our balance sheet. The new terms in the agreement are yet another endorsement of our company’s financial strength and positive future outlook.”
“The successful completion of this refinancing owes a great deal to the partnerships we have with all our existing financial institutions, who have been our critical partners over the past several years. In line with other utility infrastructure companies, we recognize the role of strong financial institutions as a key pillar to success, and we look forward to future collaboration opportunities”, he added, noting that “2014 has been an excellent year for Tabreed and we have recently signed a number of exciting deals which underline Tabreed’s position as the market leader in the GCC and one of the district cooling industry’s leading companies.”
The conditions, margins, and tenor in the new agreement reflect Tabreed’s established position as a leading utility infrastructure business, the Company highlighted in its statement to the Dubai Financial Market (DFM), adding that the AED 2.6 billion refinancing consists of an AED 692 million senior term loan facility (Facility A), which matures on December 31, 2018, and an AED 1.450 billion senior term loan facility (Facility B), maturing on March 31, 2021, added to an AED 450 million revolving credit facility (RCF) with a maturity date of March 31, 2021.
The UAE-based regional district cooling Company’s refinancing has been consolidated into a smaller subset from Tabreed’s existing syndicate of banks, with Abu Dhabi Commercial Bank (ADCB), First Gulf Bank (FGB) and Mashreqbank acting as Mandated Lead Arrangers.
Commenting on the announcement, Tabreed CEO Jasim Husain Thabet stated: “As a result of Tabreed’s robust utility business model, which is anchored in long-term, stable and recurring revenue streams, we have taken the opportunity to refinance our existing debt and strengthen our balance sheet. The new terms in the agreement are yet another endorsement of our company’s financial strength and positive future outlook.”
“The successful completion of this refinancing owes a great deal to the partnerships we have with all our existing financial institutions, who have been our critical partners over the past several years. In line with other utility infrastructure companies, we recognize the role of strong financial institutions as a key pillar to success, and we look forward to future collaboration opportunities”, he added, noting that “2014 has been an excellent year for Tabreed and we have recently signed a number of exciting deals which underline Tabreed’s position as the market leader in the GCC and one of the district cooling industry’s leading companies.”
Source:
Mubasher
