National Central Cooling to up Tabreed trust certificates tender cap

By Marisa Wong

Los Angeles, April 4 – National Central Cooling Co. PJSC (Tabreed) announced the results of its March 18 invitation to holders of Tabreed Sukuk SPC Ltd.’s outstanding $500 million trust certificates due 2025 (ISIN: XS1843455103) to tender their certificates for purchase for cash.

Tabreed received tender instructions for $200,688,000 aggregate face amount of the certificates as of the expiration of the offer at 11 a.m. ET on April 3, according to a Thursday press release.

The company said it intends to exercise its right to increase the maximum acceptance amount to $200,688,000 in order to accept for purchase all of the tendered certificates in full without proration.

The maximum acceptance amount was initially set at $100 million.

Tabreed will purchase the certificates at 101, plus accrued interest.

Settlement is expected to take place on April 5.

As previously reported, the deadline of the offer had been extended from noon ET on March 27, and the settlement date was originally April 2.

The dealer manager is Standard Chartered Bank (+44 20 7885 5739, +852 3983 8658, +65 6557 8286; Liability_Management@sc.com).

Morrow Sodali Ltd. (+852 2319 4130; tabreed@investor.morrowsodali.com; https://projects.morrowsodali.com/tabreed) is the tender and information agent.

Tabreed is a utility based in the United Arab Emirates.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.