Emicool secures AED 1.95 bn in first-ever green financing: Utility firm Emicool — a joint venture between Dubai Investments and London-based infrastructure-focused private equity giant Actis — has landed its first green financing worth just short of AED 2 bn, as part of a broader AED 2.3 bn syndicated facility, Asharq Business reports, citing a statement.

The details: Dubai Islamic Bank and Abu Dhabi Commercial Bank provided the funds, which will support energy-efficient district cooling projects. The 12-year facility includes a five-year grace period and aims to reduce emissions compared to traditional cooling systems.

REMEMBER– In 2022, Actis acquired a 50% stake in Emicool from Dubai Investments, forming a joint venture aimed at expanding sustainable district cooling services in the MENA region. This transaction was highlighted as one of the largest in the district cooling industry in the region.

OTHER DEBT NEWS-

Ajman Bank’s debut USD 500 mn sukuk attracted over 100 investors with 35% of the transaction allocated to international investors, and the remainder to regional investors, according to a press release. Investors included fund managers, banks, pension funds, and insurance companies.

ICYMI- Strong global demand prompted the bank to launch the sukuk just one day after appointing arrangers, generating an orderbook exceeding USD 2.7 bn — a 5.4x oversubscription. The issuance was priced at a profit rate of 5.125%, with a credit spread of 130 basis points over five-year US Treasuries, tightened from initial price thoughts of 165 bps. The sukuk is expected to be rated BBB+ by Fitch.

ADVISORS- Our friends at Mashreq, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, KFH Capital, QNB Capital, Sharjah Islamic Bank, Warba Bank, and Citi acted as joint lead managers and bookrunners. Meanwhile, Emirates NBD Capital, Standard Chartered Bank, First Abu Dhabi Bank, and JP Morgan acted as joint global coordinators.

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