Oman's Sohar International successfully concludes $100mn syndication

Published 29 Nov,2020 via Muscat Daily - Sohar International has recently concluded a US$100mn syndication, which is considered a landmark transaction for the bank as it defied the odds of depressed market conditions, tight global liquidity, and a reduced market appetite, cementing the bank as a leading local bank by leveraging on its financial relationships with partner banks, locally, regionally, and internationally, to close a successful funding proposition at competitive pricing and favourable terms.

With this regard, Sohar International had mandated United Arab Emirates based Mashreqbank PSC, on its behalf, to lead and arrange the syndication, according to a press release.

Commenting on concluding the syndication, Ahmed al Musalmi, chief executive officer of Sohar International, said, “The new funding is a part of our concerted efforts to extend financing solutions for general corporate purposes. We are pleased to partner with Mashreqbank PSC in arranging this facility in order to pave the way for a broader range of future partnerships, with a diverse set of lenders. The fact that the syndicated facility has been closed during unprecedented economically challenging times, is testament to the reputation we have in the market and the strong relations with banks in the region as well as across the globe.”

The successful closure of the syndicated loan reflects the confidence of international banks in the sultanate and Sohar International as a local leading financial institution. The syndication further provides an opportunity for the bank to diversify its funding sources across different currencies and create a window for entry into partnerships across the world.

Syndicated loans offer flexibility in structure and pricing.

Borrowers have a variety of options in shaping their syndicated loan, including multi-currency options. Sohar International has created a unique position for itself in the syndication market by having successfully closed significant and complete deals considered large in scale.

With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people ‘win’ by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery.

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