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Empower to hire banks for $600m loan
Emirates Central Cooling Systems Corp appointed Citigroup and Standard Chartered to help finance a takeover of rival utility Palm District Cooling, according to two bankers familiar with the matter.
The acquisition loan will be for $600 million and priced at 205 basis points above the London Interbank Offered Rate, the bankers said, asking not to be identified as the information isn’t public. Emirates NBD and Mashreqbank will also help finance the deal, according to the bankers.
The takeover will probably be completed by year’s end, one of the bankers said. The expected acquisition price is $500 million, with a further $100 million targeted for investment, the bankers said. A wider syndication of the loan will probably take place early next year, one of the people said.
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