Bank Muscat, the flagship financial services provider in the Sultanate, has successfully signed a term loan facility of $525 million with a consortium of 12 relationship banks.

The transaction received overwhelming response and was subscribed 1.5 times. The facility with a 3-year tenor was raised at attractive commercial terms and will be used for project financing, general corporate financing and to partly refinance the bank’s existing term loan. 

AbdulRazak Ali Issa, Chief Executive, said: “Bank Muscat is delighted to successfully close the $525 million Term Loan Facility. The strong response by the participating banks reflect the positive outlook on the Sultanate’s economic development, which is projected to sustain growth.”

“The successful transaction underscores the confidence in the bank’s financials in the prevailing economic situation. We deeply value the support received from strong partners and the resultant oversubscription which has enhanced our reputation as one of the leading banks in the region,” he added.

The bank’s Global Financial Institutions Group, reckoned as one of the leading FI teams, maintains strong relations with international banks, which helped in the successful execution of the transaction. Driven by robust policies to achieve global best practices, Bank Muscat is focused on strategic initiatives to confront challenges and further increase its market share.

With 35 years of trusted presence, Bank Muscat remains committed to serving the nation and the people as the banking partner of choice. Maintaining the leadership position, Bank Muscat posted a net profit of OMR176.56 million for the year ended 31 December 2016.

Bank ABC and National Bank of Abu Dhabi acted as Joint Coordinators and Mizuho Bank as Facility Agent.

The Bookrunners and Mandated Lead Arrangers of the term loan facility were Australia and New Zealand Banking Group, Bank ABC, The Bank of Tokyo-Mitsubishi UFJ, Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank, Emirates NBD Bank, ICBC, Mizuho Bank Ltd, National Bank of Abu Dhabi, Sumitomo Mitsui Banking Corporation, and Wells Fargo Bank. Landesbank Baden-Württemberg joined as a Mandated Lead Arranger.

Source :Times Of Oman