Omantel, the leading telecommunications services provider in Oman, successfully negotiated lower interest rates and extended term on its existing syndicated loan facilities.
The current loan, which has an outstanding balance of $680m, had its term extended to October 2024 and secured an interest rate reduction of 35 bps. Omantel, as part of its strategic initiatives, took advantage of lower interest rate environment to renegotiate these loan facilities.
According to a statement from the state-owned provider, the revised terms on the loan allow Omantel to reduce its financing costs and at the same time free up capital for investment in capital expenditure to maintain its leadership position in the telecom sector in the country.
In addition, the financing transaction will serve Omantel’s domestic business strategy and fulfil its commitment to provide innovative and next-generation services to its customers while allowing for value creation for its shareholders.
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