State-owned Oman Oil Company’s upstream arm OOCEP this week finalized a $1bn loan facility to be used to repay a shareholder loan and fund its ongoing activities and investment program. The loan is structured as crude oil pre-export facility with a tenor of five years and an option to allow for an additional $500mn if necessary.
The loan was oversubscribed attracting interest from international banks and was priced at 170 basis points over Libor. Natixis and Societe Generale were initially mandated to act as lead managers, book-runners and coordinators and were subsequently joined by HSBC Bank Oman. Other banks in the syndication included Credit Agricole, Credit Suisse, ING, Sanpaolo and Sumitomo Mitsui Banking Corporation, ABN Amro, Mitsubishi UFJ Finance and Mizuho Bank. (CONTINUED - 378 WORDS)
