Bank Muscat signs $525m loan facility

MUSCAT: Bank Muscat has successfully signed a deal to obtain $525 million with a consortium of 12 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 reflects 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.”  — ONA