Tabreed Successfully Closes USD 692 Million Syndicated Financing; Mulls Further USD 1 Billion Issuance

National Central Cooling Company (Tabreed), a United Arab Emirates-based regional energy solutions provider, has announced the successful syndication of its landmark financing facility, valued at USD 692 million.

The financing facility, which has a 5-year tenure maturing in March 2025, was structured as a multi-tranche syndicated facility with a combination of Sukuk and conventional tranches. The facility was over-subscribed by nine banks, according to media reports, with over 40% of subscriptions done by regional and international banks.

The financing facility was pre-funded by HSBC Bank Middle East Limited in March 2020 as part of Tabreed’s acquisition funding of an 80% sta...