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FINANCIAL NEWS
Empower refinances $175m credit facility
15 Dec 2010
(MENAFN) Emirates Central Cooling Systems Corporation (Empower), the biggest district cooling provider in the region, announced that it has successfully refinanced a $175 million credit facility through a consortium of banks and financial institutions, according to a press statement.
This was part of an earlier facility of $225 million, out of which Empower settled $50 million. The company has refinanced the balance of $175 million for a five-year tenor repayable between 2011 and 2015.
Empower has reached a solid increase in its operations with over 300,000 Refrigeration Tons (RT) capacity generating stable stream of revenues and cash flows that will enable the company to meet all its debt obligations on schedule, he added.
Empower had revealed recently that the number of its cooling plants has registered an increase of 37 percent.
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