MUSCAT: The Muscat Stock Exchange (MSX) has announced the listing of the debut bond of Sea Glider LLC on its Bonds and Sukuk Market earlier this week.
According to Oman Investment Bank (OIB), the Issue Manager and Collecting Bank for the offering, the four-year amortising guaranteed bond, priced at a yield of 7%, raised RO 73 million (approximately $190 million).
Describing the transaction as the “largest debut RO bond issuance by an Omani corporate”, OIB said the deal was upsized from its original maximum target of RO 50 million on the back of strong demand from a broad range of investors, including leading Omani institutions and prominent private investors. The issuance extended Sea Glider’s debt maturity profile while lowering its overall financing costs, the bank noted.
Sea Glider is a subsidiary of Oman-based Sindbad Overseas, which is engaged in chartering commercial cargo vessels and other assets worldwide. As of end-March 2025, the Sindbad Group’s portfolio comprised 45 vessels, with an aggregate value exceeding RO 400 million based on international broker estimates, according to the bond prospectus.
The prospectus further revealed: “Based on the audited consolidated financial statements of the Group for FY2024 (consolidated at the Guarantor level), total assets stood at RO 308 million. Based on information provided by the management of the Guarantor, total assets as of end-March 2025 reached RO 355 million”.
Commenting on the successful completion of the offering, OIB stated: “Oman Investment Bank is proud to have acted as Issue Manager and Collecting Bank for this landmark transaction, which also marked the first issuance under Sindbad Overseas’ medium-term note programme. This milestone reflects our commitment to delivering tailored and innovative financing solutions while advancing Oman’s position as a dynamic hub for capital market activity”.
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