Palm Utilities closes 1.14b club deal for its District Cooling business

Dubai, March 26, 2012 (WAM) - Palm Utilities, a Dubai World Company, has announced the closure of a Dh1.14 billion club deal for its District Cooling business. The financing facility, comprising two tranches - conventional and Islamic - has a 7-year tenor and will be used to refinance an existing facility. The new financing facility has been funded and closed, with Abu Dhabi Commercial Bank and Emirates NBD being the Lead Arrangers for the conventional tranche, and Emirates Islamic Bank being the Lead Arranger for the Islamic tranche of the financing facility, according to a Palm Utilities in a press release. - Emirates News Agency, WAM