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17 March 2020
INVESTMENT

Oman's Bank Muscat signs $650 million financing facility with 20 banks

The Omani bank said it will use the loan to finance projects and refinance an existing loan

Bank Muscat posted a net profit of OMR 185.55 million in 2019, a 33 per cent increase compared to OMR 179.63 million a year earlier/Shutterstock

by Kudakwashe Muzoriwa

Oman’s Bank Muscat has secured a $650 million senior unsecured loan facility from a consortium of 20 global banks.

The transaction which was launched for $500 million and received commitments of over $1.2 billion was approximately 2.5 times oversubscription.

Sheikh Waleed K. Al Hashar, the Chief Executive Officer of Bank Muscat, said, “The successful closure of this club loan reflects the Sultanate's growth-oriented economic outlook as well as the confidence of international banks in the country and in Bank Muscat's strong financials.”

The Arab Banking Corporation, Commerzbank, First Abu Dhabi Bank, Mashreq Bank, Mizuho Bank and Wells Fargo acted as the joint lead co-ordinators as well as mandated lead arrangers and bookrunners on the transaction.

Bank Muscat posted a net profit of OMR 185.55 million in 2019, a 33 per cent increase compared to OMR 179.63 million a year earlier.


RELATED STORIES: Bank Muscat Arab Banking Corporation Commerzbank First Abu Dhabi Bank Mashreq Bank Mizuho Bank Wells Fargo

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