The National Central Cooling Company Tabreed has successfully cleared the markets with its $100 million Islamic sukuk offering (ISO). The offering is the first public corporate Islamic sukuk and first corporate listing from the Gulf in Luxembourg.
The offering cleared the capital markets as a $100 million Islamic ISO with five years maturity, and a coupon of 5.5 percent, according to a press release. The National Investor acted as Sole Adviser, Sole Arranger and Joint Lead Manager, CSFB as Joint Lead Manager, Emirates Bank as Co- Lead Manager, and Shamil Bank of Bahrain, Kuwait Finance House and National Bank of Sharjah as Co-Manager.
Tabreed has offered district cooling services as a utility in the UAE for over five years. District cooling is widely used throughout the United Arab Emirates (UAE) and around the world, piping chilled water from a centralized plant to a range of residential, commercial and government buildings. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
