Oman Oil Company S.A.O.C. successfully completes inaugural $1.85 bn corporate revolving credit facility

Oman Oil Company S.A.O.C. (OOC), the Sultanate’s energy investment arm, signed a $1.85 billion Revolving Credit Facility (RCF) with 16 local, regional and international banks. The transaction was well-received by the market and OOC observed strong demand from banks to participate reaching oversubscription of $3.75 billion.

Eng. Isam Al Zadjali, Chief Executive Officer of OOC said, “The success of this inaugural facility is based on Oman Oil Company’s strategy to invest for the future of Oman by  building a diversified portfolio of operating companies, investments and projects both locally and internationally. This agreement signifies the confidence of the financial community in our solid track-record in the energy sector, as well as the Sultanate’s growing and stable economy”. He added, “We take this opportunity to thank the participating banks for their strong support and message of commitment and look forward to strengthening our relationship with all the banks in the future.”

Initial mandated lead arrangers and book runners included Bank of America Merrill Lynch International Limited, Bank Muscat S.A.O.G., BNP Paribas, Citibank, N.A., London Branch, Crédit Agricole Corporate and Investment Bank, Deutsche Bank Luxembourg S.A., Gulf International Bank B.S.C., HSBC Bank Middle East Limited, J.P. Morgan Limited, Morgan Stanley Bank International Limited, National Bank of Abu Dhabi PJSC, Natixis, Societe Generale, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and The Bank Of Tokyo-Mitsubishi UFJ, Ltd. Sumitomo Mitsui Banking Corporation Europe Limited is acting as facility agent. HSBC Bank Middle East Limited, J.P. Morgan Limited and the Bank of Tokyo-Mitsubishi UFJ, Ltd. acted as documentation co-ordinators.

The transaction was concluded with the support of external legal counsel, Allen & Overy and Dentons on behalf of OOC, and Linklaters and Trowers & Hamlins on behalf of the lenders.