The Bank of New York Mellon has been appointed by the National Central
Cooling Company (Tabreed) PJSC, a district cooling utilities, to provide multiple corporate trust services for the first-ever, Sharia-compliant mandatory exchangeable sukuk issue.
As corporate trustee, BNY Mellon will act as delegate trustee, principal paying agent, exchange agent, transfer agent, replacement agent, calculation agent and registrar for the AED 1.7 billion issue.
The Bank of New York Mellon has a strong track record in servicing sukuk issues in the region and possesses the range of capabilities that I am
confident will meet our servicing needs, says Karl Marietta, deputy CEO, Tabreed.
Our strong commitment to the Middle East coupled with our experience servicing Islamic issues positions us as the provider of choice in this growing area of finance. We look forward to working with Tabreed as we expand our presence and capabilities in the region, said Samir Pandiri, managing director and head of the International division, BNY Mellon.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.
National Central Cooling Company (Tabreed) PJSC is one of the leading suppliers of district cooling services in the United Arab Emirates (the UAE). Tabreed designs, engineers, finances, constructs and operates district cooling facilities that supply chilled water for air conditioning. In addition, the Company has expanded its district cooling operations by establishing subsidiaries and associate companies in Qatar, Bahrain, Jordan, Oman, Saudi Arabia and Kuwait. The Company has also developed a number of subsidiary companies which service the district cooling and air conditioning industry (Value Chain Businesses).
The Bank of New York Mellons corporate trust business services $12 trillion in outstanding debt from 55 locations around the world. It services all major debt categories, including corporate and municipal debt,
mortgage-backed and asset-backed securities, collateralised debt obligations, derivative securities and international debt offerings. The Bank of New York Mellons corporate trust and agency services are
delivered through The Bank of New York and The Bank of New York Trust Company, N.A.