National Bank of Oman (NBO) recently signed a $475 million syndicated working capital facility with Oman Refineries & Petrochemicals Co LLC (ORPC), along with five local and two regional banks. Apart from being a participant in the arrangement, NBO is also the Lead Arranger and Facility Agent for the facility.
This is the third consecutive year that NBO acts as a lead arranger for the facility. The size of the arrangement has been almost doubling every year growing from $120 million in 2007 with four banks, to $240 million in 2008 with six banks, to currently $475 million with eight banks, including two regional banks. The participants in the facility are: NBO, Bank Dhofar, Oman Arab Bank, Oman International Bank, Bank Sohar, Ahli Bank, Arab Bank PLC and Ahli United Bank. This is a dual currency facility available partly in OMR and partly in USD and has a maturity of one year.
Speaking about the facility, Murray Sims, NBO's Chief Executive Officer, said: "The current successful tie-up is a testimony to the strong relationship being built with ORPC and also among the member banks. It also reflects the dedication of the member banks in supporting the core infrastructure and economic development of the Sultanate of Oman. This arrangement has laid a strong foundation to support the future growth plans of ORPC, as well as strengthened the growing positive standing perception of NBO in Oman and in the region."
© Oman Daily Observer 2009
