Tabreed signs Dh1.5b Islamic finance facility

Dubai

Tabreed, the Abu Dhabi-based district cooling company, said on Wednesday it has signed an Islamic finance facilities agreement worth Dh1.51 billion to refinance part of the company’s existing senior bank debt.

The facilities will also provide additional funds for capital expenditure and investment purposes. They were arranged by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Mashreq Al Islami, Mashreq Bank’s Islamic banking division.

The bank debt was previously provided by Tabreed’s creditor banks in December 2014, and restated in May 2015.