Nawras signs $149m loan refinancing
Muscat, March 5, 2012
Nawras, the Omani Qatari Telecom Company, has signed a new funding deal worth $149 million with five-year tenure.
The consortium for the refinancing facility consists of Bank Muscat, DBS Bank., Qatar National Bank (Doha and Muscat), and The Bank of Tokyo-Mitsubishi UFJ.
The new facility consists of a term loan of $87 million and revolving credit facility of RO24 ($62.33 million).
The company used this opportunity to refinance the whole of its existing facility from a project financing to a corporate financing structure based on its strong balance sheet and operating results, a statement said.
The deal will allow the company to refinance its existing indebtedness on more flexible terms and facilitates future investments.
Jorgen Latte, chief financial officer, Nawras, said: “The commitment from Nawras’ core banks is pleasing. With its clear vision and strategy, Nawras attracts many banks who want to participate and support our strategic targets. The strong commitment of the international banks in this new facility also reflects the strength and trust of the Omani economy and Nawras as one of its key flagship companies.”
He added: “The new facility which drew great interest from many banks further improves Nawras’s conservative debt profile; enhances our financial flexibility and lowers our funding cost. We appreciate the continued support of our core relationship banks who work with us on a variety of exciting projects as we continue to delight our customers in Oman.” – TradeArabia News Service