Manama: Bank ABC (Arab Banking Corporation (B.S.C.)) and First Abu Dhabi Bank PJSC (FAB), acted as Joint Coordinators, Underwriters, Initial Mandated Lead Arrangers and Bookrunners on the US$ 250,000,000 2-year Syndicated Term Loan Facility for BankDhofar SAOG (“BankDhofar”). In addition, FAB is the Agent on the transaction.
The syndication was launched in May 2021 and was over 2x oversubscribed on the back of strong participation from regional and international banks. A total of 9 banks (excluding the Joint Coordinators) from the GCC, Europe and Asia participated in the Facility.
Abu Dhabi Commercial Bank P.J.S.C., Al Ahli Bank of Kuwait K.S.C.P – DIFC Branch, Bank of Baroda, Doha Bank Q.P.S.C., State Bank of India WBB Bahrain joined as Mandated Lead Arranger.
Commercial Bank of Dubai PSC joined as Lead Arranger. Banque Du Caire, HSBC Bank Middle East Ltd and Mashreqbank PSC joined as Arranger.
The Facility was signed on 6 June 2021 and will be utilized by Bank Dhofar to refinance its existing US$ 250,000,000 facility dated 13 June 2018.
“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,” Abdul Hakeem Al Ojaili, BankDhofar’s Chief Executive Officer said.
