Tabreed prepares to issue sukuk

National

Central Cooling Company (Tabreed) said yesterday it is preparing to issue fixed-rate, US dollardenominated sukuk with a tenor of seven years.

The Dubai-listed company did not specify the total value of the issuance or the timeline, but said that proceeds from the sukuk will be used to refinance existing bank debt. Tabreed said it will launch a series of investor meetings on the issuance in the Middle East, Europe, and Asia. The issuance will be underpinned by Tabreed’s ratings from Fitch and Moody’s of BBB and Baa3 respectively. (Staff Report)