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Chescor Capital has advised Tabreed since 1999, when it was first appointed to propose a long term strategy for funding Tabreed’s capital expenditure program. By mid-2008 and in the UAE alone, Tabreed will have built about 35 district cooling plants costing some U$930 million, and financed by:

• US$252 million of equity, including equity from JV partners and hybrid products
• U$678 million of debt raised on a multitude of bases: conventional and Islamic financing, syndicated and bilateral loans, and two issues of sukuk.

Snapshot of our assignments for Tabreed:

• Overall financing strategy (1999-ongoing)
• US$80 million syndicated conventional debt & Islamic facilities (2000)
• US$190 million syndicated conventional debt (2003)
• US$40 million conventional debt facility for Tabreed Bahrain (2005)
• US$200 million Sukuk (2006)
• Interest rate hedging strategies
• S&P rating support
• Strategic advice, business planning, financial models for Tabreed UAE, Qatar, Bahrain, Oman, Kuwait, Jordan and KSA
• Pricing models and tariff setting
• Strategy for international expansion
• Acquisitions, disposals and joint ventures
• Assignments in progress for conventional and or Islamic debt facilities, loan expansions, refinancing, hybrid and convertible products etc.

“Our history with Chescor Capital goes back a long way.  I cannot think of one effort that did not succeed. Chescor Capital has contributed much to the success of Tabreed.”

Karl Marietta,
Chief Financial Officer of Tabreed,
27 May 2006