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Tabreed sets final terms for $408m trust certificates

Dubai, April 30, 2008

National Central Cooling Company (Tabreed) on Wednesday announced the final terms for its Dh1.5 billion ($408 million) fixed rate sharia compliant mandatory exchangeable trust certificates due 2011.

The issue is subject to an increase option of up to Dh200 million for the benefit of Morgan Stanley, exerciseable prior to 5pm London time on May 12, said a company statement.

Following marketing to regional and international investors, the final terms of the issue have been determined.
 
The certificates will pay a fixed annual distribution rate of 7.25 per cent and will be exchangeable into the ordinary shares of Tabreed. The maximum conversion price of Dh2.7468 represents a conversion premium of 9 per cent to the share reference price of Dh2.52 per Share, the statement said.

Application has been made to list the Certificates on the Regulated Market of the London Stock Exchange.

The Shares are listed and traded on the Dubai Financial Market. Closing and settlement are expected to take place on or about May 19.

Subject to certain exceptions, Tabreed has agreed to a 90-day lock up period with respect to the issuance, offer or sale of equity-linked securities, shares and options.

Morgan Stanley is acting as sole bookrunner, sole structuring agent and joint lead manager of the offering, and Standard Chartered bank and National Bank of Abu Dhabi are acting as joint lead managers.-TradeArabia News Service




Tags: Tabreed | finalise | issue | term |

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