National Central Cooling Company PJSC’s $500 Million Sukuk Offering


White & Case LLP has advised a group of banks on the issuance of US$500 million Trust Certificates due 2025, with National Central Cooling Company PJSC (Tabreed) acting as the Seller and Service Agent.

The Trust Certificates are listed on the London Stock Exchange, and the transaction represents the return to the debt capital markets by Tabreed following its previous sukuk issuance in 2008. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, J.P. Morgan and Mashreqbank PSC acted as joint lead managers.

National Central Cooling Co PJSC is an Abu Dhabi based utility company. The company, led by Jasim Hussain Thabet, Jean-Francois Chartrain and Stephen John Ridlington, in 2017 recorded $380 Million Revenues.

The White & Case team which advised on the transaction was led by partners Debashis Dey (Dubai & London) and Sean Johnson (Dubai), with support from associates Xuan Jin, Sankalp Labroo (both Dubai) and Rebecca King (London).

Involved fees earner: Debashis Dey – White & Case; Xuan Jin – White & Case; Sean Johnson – White & Case; Sankalp Labroo – White & Case;

Law Firms: White & Case;

Clients: Abu Dhabi Commercial Bank; Abu Dhabi Islamic Bank; JP Morgan; Mashreqbank;