District cooling firm Tabreed has agreed to issue 1.13 billion dirhams ($308 million) in convertible bonds to Abu Dhabi fund Mubadala on Dec. 31, the firm said on Sunday, as part of a recapitalisation plan agreed last year.
Tabreed secured 3.1 billion dirhams of financing from Mubadala Development Co, wholly owned by the Abu
Dhabi government, in March 2011; the package consisted of a 1.7 billion dirham convertible bond issue and a loan facility of up to 1.4 billion dirhams.
Under terms of the loan, which matures this month, the amount drawn by Tabreed would be repaid with an issue of new convertible bonds. Sunday's statement said Tabreed had drawn 1.13 billion dirhams from the facility, and would issue that amount of convertible bonds to Mubadala under the same terms as its previous convertible issue.
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