UAE's Tabreed (TABR.DU: Quote) has secured an extra 3.1 billion dirhams ($844.2 million) lifeline from state-owned fund Mubadala, helping the industrial cooling firm to tackle its massive debt pile.
Tabreed will issue 1.7 billion dirhams ($463 million) of subordinated mandatory convertible notes to Mubadala to refinance Tabreed's existing bridge loan with the fund of the same amount. These are priced at 1.13 dirhams and mature in 2019
Tabreed will also get a 1.4 billion dirhams loan facility from the investment fund that matures on December 2012.
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