Tabreed to Convert $308 Million Loan From Mubadala Into Bonds
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National Central Cooling Co. will convert 1.13 billion dirhams ($308 million) of loans from Mubadala Development Co. into mandatory convertible bonds as part of a financing accord with the Abu Dhabi investment fund.
Tabreed, as National Central Cooling is known, will tomorrow issue the bonds that will have “substantially the same terms” as the securities sold in 2011, the company said in a statement to the Dubai stock exchange today.