Tabreed
closes first Public Corporate Islamic Sukuk Offering
& first Corporate Listing from the Gulf in Luxembourg
Posted: 6 March 2004
“The US$ 100.0 million Islamic Sukuk Offering (“ISO’)
should open the gates for other local and international Corporates
to access the emerging Islamic Capital Markets”
Tabreed, the National Central Cooling Company has successfully
cleared the markets with its US$100 million Islamic Sukuk Offering,
the first public corporate Islamic Sukuk Offering and first corporate
listing from the Gulf in Luxembourg. The offering cleared the capital
markets as a US$100 million Islamic Sukuk Offering (“ISO”),
5 years maturity, and a coupon of 5.50%.
Mohamed Saif Al Mazrouie, Chairman of Tabreed, said, “This
offering gave Tabreed the opportunity to access a new investor base
and created Tabreed name awareness among a whole new range of regional
and offshore investors that the company will also be able to tap
in the future. This financing has aligned Tabreed’s business
growth strategy with its financial strategy. In addition we are
extremely satisfied with the offering that made it possible to tap
new attractive capital for the company and for Tabreed to continue
to be at the forefront of regional capital markets and international
Islamic capital markets”.
Christian R. Mouchabhani, Director at The National Investor, was
quoted as saying: “Tabreed’s business success story
and growth strategy was well received by regional, international
and Islamic capital markets. Working with Tabreed’s management
since inception and later with the syndicate on this historical
offering has been exciting. The US$ 100 million Islamic Sukuk Offering
(“ISO”) should open the gates for other local and international
corporates to access the promising emerging Islamic Capital Markets.
This Offering was a great success, despite being a challenge for
regional and Islamic capital markets, as it is innovative in regard
to taking corporate capital market risk, provided with a new innovative
structure and fixed coupon to which Islamic and regional investors
are not used to. All this taken within the context of the international
capital markets and Luxembourg listing requirements.”
The company had mentioned earlier that the The National Investor
acted as Sole Adviser, Sole Arranger and Joint Lead Manager, CSFB
as Joint Lead Manager, Emirates Bank as Co- Lead Manager, and Shamil
Bank of Bahrain, Kuwait Finance House and National Bank of Sharjah
as Co-Manager, successfully completing a well diversified and complementary
Syndicate.
For more information see www.tabreed.com
Posted by Richard Price,
Editor Pipeline Magazine
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