Gulf International Bank (GIB) announced the closing of a $1 billion five-year term loan facility for Energy Development Oman (EDO), arranged together with Mashreq as Joint Initial Mandated Lead Arrangers, Underwriters and Bookrunners.
The transaction attracted participation from an
international group of 15 banks.
Initially launched at $750 million, the facility was upsized
to $1 billion following significant oversubscription and robust demand from
both EDO’s core relationship banks and new international lenders.
More than half of the final allocations were made to banks
outside the GCC, especially Asia, with major Chinese and Indian institutions
among the key participants.
The financing marks another milestone for EDO in
diversifying its funding sources and strengthening its access to global capital
markets.
The proceeds from the facility will be used for a
combination of capex financing and refinancing of existing debt.
“This transaction demonstrates the continued
confidence of the international banking community in EDO’s credit profile and
strategic direction. We are grateful for the support from our banking partners
and for the leadership of GIB and Mashreq in arranging a highly successful
syndication,” said Mazin Al-Lamki, CEO of Energy Development Oman.
Adding, Sara Abdulhadi, CEO of GIB, said: “We are delighted
to have supported EDO on this landmark financing. The strong demand and
participation from institutions across Asia and beyond highlight both the
quality of the borrower and the strength of GIB’s syndication and structuring
expertise. We remain committed to serving leading regional corporates and
sovereign-linked entities with innovative financing solutions.” -TradeArabia News Service
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