Tabreed to convert $308m loan into bonds
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Tabreed to convert $308m loan into bonds

Tabreed to convert $308m loan into bonds

National Central Cooling Co (Tabreed) has said it will convert Dhs1.13bn ($308m) of loans from Mubadala Development Co into mandatory convertible bonds as part of a financing accord with the Abu Dhabi investment fund, Bloomberg has reported. Mubadala in 2011 agreed to provide Tabreed long-term capital of Dhs1.7bn in mandatory convertible notes due 2019 and a loan facility of Dhs1.4bn maturing at the end of this month. Tabreed operates 59 plants in the UAE and six facilities in Bahrain, Oman, Qatar and Saudi Arabia.

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