Tabreed settles 06 sukuk
Firm completes recapitalisation programme and settles five-year loan
District cooling firm Tabreed has announced the settling of its 2006 Sukuk, following the completion of the company’s recapitalisation programme in April. $200 million has been paid to certificate holders of the 06 sukuk, which was launched in July 2006 and matured on July 20 2011.
Waleed Al Mokarrab Al Muhairi, chairman of Tabreed, said: “The strong capital structure that was put in place with the recapitalisation programme underpins Tabreed’s long-term growth potential. The repayment of the 06 sukuk was contemplated in our structuring of the programme, and improved the company’s overall financial position.”