New Issue: Tabreed prices $500 million 5˝% seven-year sukuk

By Rebecca Melvin

New York, Oct. 25 – Tabreed Sukuk SPC Ltd., a special purpose vehicle established by National Central Cooling Co. PJSC, or Tabreed, priced a $500 million seven-year senior unsecured sukuk (expected ratings: Baa3//BBB+) with a distribution rate of 5˝%, according to a market source.

Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, J.P. Morgan Securities plc and Mashreqbank were bookrunners for the Regulation S sukuk, which is expected to be listed on the Irish exchange.

Tabreed is a utility based in the United Arab Emirates.

Issuer:	Tabreed Sukuk SPC Ltd.
Obligor:	National Central Cooling Co. PJSC, or Tabreed
Amount:	$500 million
Description:	Notes
Maturity:	Oct. 31, 2025
Bookrunners:	Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, J.P. Morgan Securities plc and Mashreqbank
Distribution rate:	5˝%
Trade date:	Oct. 24
Settlement date:	Oct. 31
Ratings:	Moody’s: Baa3
	Fitch: BBB+
Distribution:	Regulation S

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