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UAE- Tabreed to issue $1.1b bonds

31 May 2010

(MENAFN) UAE?s National Central Cooling Co. (Tabreed), the refrigeration company that delayed payments on an Islamic bond earlier this month, said that it plans to raise $1.1 billion from a debt sale, Gulf News reported.

The company?s shareholders approved the sale of Islamic or conventional bonds, Tabreed said in a statement to the Dubai bourse today. Shareholders also agreed to a proposal to cancel as much as 970 million shares.

Tabreed is in talks with banks to restructure about $1 billion of loans, the Chief Financial Officer Stephen Ridlington said May 27.

The provider of cooling services for the Dubai Metro said it hasn?t made coupon payments due the previous week on its $463 million Islamic bond after the board in April approved deferring annual payments as part of a recapitalization plan.

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