Tabreed indicates pricing on Islamic bonds
Dubai-listed National Central Cooling Co TABR.DU (Tabreed) has given price guidance of between 6.5 percent and 7.5 percent for its sale of convertible Islamic bonds, an arranger said on Sunday.
The fixed annual rate is for Islamic bonds, or sukuk, worth 1.5 billion dirhams ($408.5 million), arranger Morgan Stanley said in a statement.
Tabreed, which builds cooling and air conditioning systems, said in February it planned to sell convertible Islamic bonds to help refinance existing debt and expansion.
The firm has appointed Morgan Stanley, Standard Chartered and National Bank of Abu Dhabi as lead managers for the sale.
Sukuk comply with Islam's ban on interest, and are typically based on physical assets which pay a dividend or rent to bondholders.
(Reuters)
The fixed annual rate is for Islamic bonds, or sukuk, worth 1.5 billion dirhams ($408.5 million), arranger Morgan Stanley said in a statement.
Tabreed, which builds cooling and air conditioning systems, said in February it planned to sell convertible Islamic bonds to help refinance existing debt and expansion.
The firm has appointed Morgan Stanley, Standard Chartered and National Bank of Abu Dhabi as lead managers for the sale.
Sukuk comply with Islam's ban on interest, and are typically based on physical assets which pay a dividend or rent to bondholders.
(Reuters)
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