Oman fund issues USD600mn loan for subsidiary

05 May 2017

(MENAFN) Oman Investment Fund has issued the syndication of USD600mn of conventional and Islamic facilities for its owned subsidiary United Telecom Limited.

Furthermore, the facilities raised by UTL have a 5.25 year tenor, split between a conventional facility of USD450mn and an Islamic facility of USD150mn.

The financing was offered to UTL on a sole basis by Citi as basic Underwriter to meet the timeline to close and fund the acquisition of the 51 percent share in Omantel.

In Feb, general syndication was launched and received an overwhelming response from the market despite tight pricing.



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