Dubai: National Central Cooling Company (Tabreed) said on Wednesday it is preparing to issue fixed-rate, US dollar-denominated sukuk with a tenor of seven years.

The Dubai-listed company did not specify the total value of the issuance or the timeline, but said that proceeds from the sukuk will be used to refinance existing bank debt.

Tabreed said it will launch a series of investor meetings on the issuance in the Middle East, Europe, and Asia on October 19. The issuance will be underpinned by Tabreed’s ratings from Fitch and Moody’s of BBB and Baa3 respectively.