|01-05-2015, 11:20 PM||#1|
Tabreed announces AED2.6 billion loan refinancing deal
Utility firm National Central Cooling Co., known as Tabreed, stated on Monday it has commenced the refinancing of debt facilities worth AED2.6 billion ($707.9 million).
“As a result of Tabreed’s robust utility business model, which is anchored in long-term, stable and recurring revenue streams, we have taken the opportunity to refinance our existing debt and strengthen our balance sheet,” said Jasem Hussain Thabet, Chief Executive Officer at Tabreed, in a statement.
Tabreed stated that Abu Dhabi Commercial Bank, Mashreq Bank and First Gulf Bank arranged the new long-term facility, but without revealing the facility’s interest rate.
The refinancing will contain an AED692 million loan with a maturity until the end of 2018, in addition to an AED450 million revolving credit facility and an AED1.45 billion loan which both mature in March 2021.
Reuters on Sunday reported details of the seven-year facility from the three banks, showing that Tabreed will be paying a marking of 1.4% on the amortized part of the facility and 1.9% on the remaining part.
The terms which the agreement had been signed, in which the company obtained refinancing with convenient tenor and pricing are signals of Tabreed’s strong recurring revenue flow and its financial strength and outlook, and investors seem to agree with that.
Tabreed’s shares surged 2.8% on Monday on the Dubai Financial Market despite a dip in investor sentiment, noting that Tabreed’s shares have been toe-to-toe with the general market index.
Tabreed’s latest earnings report showed a massive 28% increase in third-quarter profit. The company has started cutting its financing cost since the start of last year.
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