National Central Cooling Co. plans to renegotiate terms on $663 million Islamic bonds after the Abu Dhabi-based company posted its first full-year loss since listing in 2000. The shares plunged to a three-month low.
The company, known as Tabreed, is seeking shareholders’ approval to change the terms on a $200 million floating note and a 1.7-billion-dirham ($463 million) fixed rate convertible bond, it said in a statement to the Dubai bourse today.Tabreed’s board also approved 1.3 billion dirhams in short-term financing from state-run Mubadala Development Co. The funding “may be converted to long-term capital,” it said.
Tabreed is among Gulf Arab companies seeking debt renegotiations after the global economic crisis dried up financing and brought a property boom to a halt. Dubai World, the state-owned holding company seeking to renegotiate terms on about $26 billion of debt, will ask banks to roll over loans for years when it presents a restructuring proposal to creditors this month, three bankers familiar with the plan said.
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