BankDhofar closes $250mn syndicated term facility

Business Wednesday 16/June/2021 15:03 PM
By: Times News Service
BankDhofar closes $250mn syndicated term facility

Muscat: BankDhofar, the second largest bank in Oman by assets, announced that it had successfully raised a $250 million syndicated term facility.

The facility will be utilised by the bank for general corporate purposes. The syndication, launched on May 2, was oversubscribed multiple times on the back of very strong participation from regional and international banks from the GCC, Europe and Asia.

Abdul Hakeem Al Ojaili, Chief Executive Officer of BankDhofar, stated, “Despite continuing challenges in the market, the success and oversubscription of this transaction is an evidence of the confidence in BankDhofar and sovereign by international and regional banks, as well as the long term credit strength and continued growth of the Omani economy. We will use the proceeds of this facility to finance nationally important projects and continue to support and contribute to Oman’s economy."

Bank ABC (Arab Banking Corporation (B.S.C.) and First Abu Dhabi Bank PJSC acted as Joint Coordinators, Underwriters, Initial Mandated Lead Arrangers and Bookrunners for the transaction. In addition, First Abu Dhabi Bank is the Agent on the transaction.

Since its inception in 1990, BankDhofar has played a key role in the growth and development of the banking industry in the Sultanate, with a strong presence in Corporate Banking, Retail Banking, Treasury and Project Finance.

The bank caters to customers’ needs and requirements and sets the standard for the best customer experience through innovative products and creative solutions. BankDhofar’s commitment to community development and contribution to the growth of the national economy has given it a reputation of commitment, foresight, and solid growth.