Muscat – Oman Telecommunications Company (Omantel) had initially announced a series of meetings with qualified fixed income investors on October 3, 2023, to discuss an anticipated benchmark seven-year Sukuk offering in US dollars.
However, Omantel announced on Tuesday that it is postponing the Sukuk issuance to a later date.
The purpose of the Sukuk issuance was to refinance Omantel’s outstanding notes of $457mn, set to mature on October 24, 2023, as per the company’s disclosure to the Muscat Stock Exchange on October 3.
In a new disclosure to the Muscat Stock Exchange on Tuesday, Omantel said, “We wish to inform our shareholders that due to current unfavourable market conditions, Omantel has postponed its Sukuk issuance to a later date.”
Additionally, Omantel revealed that it has secured a bridge loan facility from an international bank, with a term not exceeding six months, to settle its $457mn outstanding bonds due on October 24, 2023.
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