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Dentons advises OETC on $500m notes issue

MUSCAT, July 24, 2017

Dentons, a leading global law firm, has advised Oman Electricity Transmission Company (OETC) on the issuance by OmGrid Funding Limited of $500 million guaranteed notes, guaranteed by OETC.

OETC is a member of Nama Group and is the sultanate's main electricity transmission network operator.

This latest issuance follows on from the successful debut issuance in 2015, which was the first ever investment grade international bond issuance of its kind at that time by an Omani corporate entity.

The notes were listed on the Irish Stock Exchange and were offered to qualified institutional buyers in the US in reliance on Rule 144A under the US Securities Act of 1933 (the Securities Act), and outside of the US in reliance on Regulation S under the US Securities Act.

The transaction was also the first international bond offering for an Omani corporation since recent sweeping changes were introduced in Oman's tax regime implementing extensions to withholding tax, which was addressed with the inclusion of a novel issuer substitution mechanism in the terms of the Notes. The transaction was also launched in just over four weeks from the start of work to completion.

JP Morgan and Bank Muscat acted as joint lead managers on the transaction, said a statement.

Dentons' Middle East co-head of banking and finance Sadaf Buchanan, said: “We are delighted to see the successful launch of another issuance on behalf of OETC, and are honoured to have supported the OETC team again throughout this transaction.”

Dentons’ corporate partner in London, Cameron Half, said: “We are very pleased to have advised OETC on not only another landmark transaction for the company but also Oman and the region. The pricing reflects the continued confidence of investors.” – TradeArabia News Service




Tags: | issue | Dentons | OETC |

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