Dubai-listed National Central Cooling Co (Tabreed) has hired banks to arrange fixed income meetings ahead of a planned sale of U.S. dollar-denominated sukuk, or Islamic bonds, according to documents reviewed by Reuters.
The company has hired Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, JPMorgan and Mashreq Bank as joint lead managers to arrange meetings in Europe, Asia and the Middle East starting on Oct. 19.
Tabreed plans to issue benchmark-sized sukuk, which generally means upwards of $500 million, with a seven-year maturity.
Based in Al-Khobar, Saudi Tabreed is the leading district cooling scheme developer in the Kingdom of Saudi Arabia. Its shareholders comprise some of the most respected business names in the region, including ACWA Holding, National Central Cooling Company (Tabreed UAE), Almutlaq Group and LAMA Holding.
Source Reuters