Oman’s Bank Muscat has pulled in a US$300mn trade finance-related term loan from six commercial banks.
Bank Muscat is paying a margin of 150 basis points over Libor for the three-year loan.
The bank is planning on using the funds for general corporate purposes, which includes financing trade.
Commerzbank led the charge on the transaction, and performed coordinator, documentation and facility agent duties.
The remaining bookrunners and mandated lead arrangers on the deal were Bank of America Merrill Lynch, Crédit Agricole, HSBC, Standard Bank and Wells Fargo.
The deal comes after Bank Muscat received a ratings upgrade to A1 from ratings firm Moody’s during 2010, a rarity for banks globally in recent years.
Fitch rates the bank at A-, while S&P has the bank on the slightly lower rating of BBB+.
Reader Comments