Bank Sohar SAOG has successfully closed a debut US$250 million Syndicated 3-year Term Loan Facility (the “Facility”). The Facility was signed on 14th July 2015. Bank ABC acted as the sole Initial Mandated Lead Arranger and Coordinating Bank.
The Facility will be used by Bank Sohar for general funding purposes. Institutions from the GCC, Europe and Asia participated in the syndication which closed oversubscribed.
On this occasion, Bank Sohar’s Acting CEO, Mr. Rashad Al Musafir, expressed delight at the over-subscribed syndication. He thanked the participating banks and looked forward to further strengthening the relations with each of them over the coming years. He added that Bank ABC had done an exceptionally good job as the Coordinating Arranger.
Mr. Al Musafir said the broad cross-section of banks that participated in the syndication reflects deep confidence in Bank Sohar and the progress it has made in its short history, especially with becoming Oman’s 4th largest bank and yet having the lowest level of NPAs.
John McWall, Group Head of Syndications at Bank ABC added “We have developed an excellent relationship with Bank Sohar in recent years and are proud to have been appointed as the sole Initial Mandated Lead Arranger and Coordinating Bank for their debut syndication. The successful closing with banks participating from the GCC, Europe and Asia demonstrates strong support and high esteem for regional institutions such as Bank Sohar.”