Oman Telecommunications Company SAOG (Omantel) announced on Wednesday, April 18, 2018, that it has successfully issued bonds worth $1.5 billion in two tranches — one for $600 million maturing in 2023 (5.5 years) yielding an interest rate of 5.625 per cent per annum, and one for $900 million maturing 2028 (10 years) yielding an interest rate of 6.625 per cent per annum. The proceeds of the bonds will be used to repay the bridge loan facility taken for the investment of Omantel in Zain Kuwait, the company said in a filing to the Capital Market Authority.
Earlier this month, Omantel said it had mandated Citi and Credit Suisse as Global Coordinators alongside Bank ABC, Bank Muscat, HSBC and Standard Chartered Bank as Joint Lead Managers to organise a series of fixed income investor meetings in Dubai, London, New York and Boston to shed light on the bond to be issued by Oztel Holdings, a wholly owned subsidiary of Omantel.
Oztel Holdings SPC Limited was set up to finance Omantel’s acquisition of the 21.9 per cent strategic share in Zain.
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