Omantel raises $500mn via Sukuk issuance
- Date: 20-Jan-2024
- Source: Muscat Daily
- Sector:Financial Markets
- Country:Oman
Omantel raises $500mn via Sukuk issuance
Muscat – Oman Telecommunication Company (Omantel) has successfully raised $500mn through a US dollar-denominated Sukuk issuance. ‘Omantel is pleased to announce the successful closing of its issuance of Shariah-compliant Sukuk under its – USD-denominated Rule 144A/ Reg S debut with a size of $500mn,’ the company said in a disclosure to the Muscat Stock Exchange […]Muscat – Oman Telecommunication Company (Omantel) has successfully raised $500mn through a US dollar-denominated Sukuk issuance.
‘Omantel is pleased to announce the successful closing of its issuance of Shariah-compliant Sukuk under its – USD-denominated Rule 144A/ Reg S debut with a size of $500mn,’ the company said in a disclosure to the Muscat Stock Exchange on Thursday.
The order-book for the Sukuk was opened on Wednesday and closed on the same day, Omantel said.
The tenor of the Sukuk is seven-year with a profit rate of 5.375% per annum.
Omantel said the issuance received significant interest from regional and international market participants.
‘The proceeds of the issuance will be used to repay the bridge loan of $460mn,’ the company noted.
Omantel announced the initiation of a series of meetings with qualified fixed-income investors on Tuesday to discuss the anticipated benchmark seven-year Sukuk offering in US dollars.
‘Generally, it is expected that this