31 Dec 2012
(MENAFN) National Cooling Co (Tabreed) is set to issue USD308 million in convertible bonds to Abu Dhabi fund Mubadala Development Co. on December 31, as part of a recapitalization plan agreed in 2011, Reuters reported.
Mubadala, wholly owned by the Abu Dhabi government, has agreed to award Tabreed about USD844 million financing in March 2011.
The package included a USD462.84 million convertible bond issue and a loan facility of up to USD381.16 million.
Under terms of the loan, which matures this month, the amount drawn by Tabreed would be repaid with an issue of new convertible bonds.
The district cooling firm provides cooling systems to residential and commercial properties in the Gulf. It also cools Dubai’s metro network.
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