Tabreed raises $500m from seven-year bond issuance

Tabreed raises $500m from seven-year bond issuance

Dubai – Mubasher: National Central Cooling Company (Tabreed) has raised $500 million from seven-year and 2.5% coupon bond issuance, according to a press release on Wednesday.

The issuance has attracted 140 local and international investors, allowing the company to tighten pricing to achieve a final coupon of 2.5% and to raise the size of the final bond to $500 million.

Hence, the bond issuance was oversubscribed five times at its initial size of $400 million.

The bond, which will be listed on the London Stock Exchange, is rated Baa3 by Moody's and BBB by Fitch, in line with Tabreed's corporate ratings.

Tabreed Chairman, Khaled Abdulla Al Qubaisi, said: "The success of the issuance is proof of