Emicool closes Dh793 million refinancing

Emirates District Cooling, or Emicool, announced the successful signing conclusion of Dh793 million for a 10-year Islamic refinancing structured term loan in Dubai.

This was negotiated with the seven existing banks that sanctioned a bridge loan in 2008 that matured in May 2011.

Mashreq Al Islami, the Islamic banking division of Mashreq,wasthe mandated lead arranger and coordinating bank for the transaction, as well as the security and facility agent. Other participating banks included Dubai Islamic Bank, Union National Bank, Commercial Bank of Dubai, Standard Chartered, Emirates NBD and Emirates Islamic Bank.

The transaction was secured by a corporate guarantee from Dubai Investments and Union Properties in equal proportion.

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