Empower Said to Borrow $1.5 Billion to Fund Pre-IPO Dividend
The Emirates Central Cooling Systems Corporation district cooling plant in Dubai, United Arab Emirates.
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Emirates Central Cooling Systems Corp. has taken out a 5.5 billion-dirham ($1.5 billion) loan to help pay a special dividend ahead of its initial public offering, people familiar with the matter said.
The district cooling firm, known as Empower, has borrowed the money from Emirates NBD Bank PJSC to optimize its capital structure, according to the people, who asked not to be identified discussing private information. Emirates NBD is expected to invite other lenders to participate in the loan, one of the people said.