Dubai - Mubasher: National Central Cooling Company (Tabreed) settled its $500 million Trust Certificates due in 2025, originally issued in October 2018 and matured on 31 October 2025.
The seven-year senior unsecured Sukuk was issued under Regulation S format and listed on the London Stock Exchange, according to a press release.
It held a fixed 5.50% profit rate and was oversubscribed by 50%, reflecting strong demand from institutional investors across Asia, Europe and the GCC region.
The offering was underpinned by Tabreed’s first-ever investment-grade ratings from Moody’s (Baa3) and Fitch (BBB) at the time.
Prior to maturity, Tabreed repurchased trust certificates with the aggregate face amount of $249.50 million, and the remaining $250.50 million balance has now been fully settled.
The settlement, which comes as part of its proactive liability management approach, reflects the company’s disciplined approach to managing its capital structure.
It boosts its strong liquidity position, supported by its recent successful raising of an AED 1.80 billion Shariah-compliant debt facility.
Khalid Al Marzooqi, CEO of Tabreed, said: “This repayment reflects the financial strength and maturity Tabreed has built over recent years.”
“As we continue to expand across the region, maintaining balance sheet resilience remains central to our long-term strategy. We are focused on creating value through disciplined growth, backed by a stable and well-managed capital base,” Al Marzooqi highlighted.
Adel Al Wahedi, Tabreed’s Chief Financial Officer, commented: “The full settlement of this Sukuk concludes an important chapter in Tabreed’s capital markets journey. We are proud to have honoured this obligation in a structured and strategic manner, using long-term financing that aligns with our capital structure optimization goals and sustainability priorities.”
In October, Tabreed raised AED 1.80 billion in bank debt to boost its strategic growth initiatives and optimize its capital structure.
