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Oman Electricity Transmission Company SAOC (OETC), rated Ba1 (stable) by Moody’s and BB+ (stable) by Fitch, has issued a mandate for a benchmark USD-denominated Regulation S green sukuk with a five-year tenor.
Citi, JP Morgan and Standard Chartered Bank have been mandated as Joint Global Coordinators alongside Abu Dhabi Commercial Bank, Bank ABC, Bank Muscat, CACIB, DIB, Mashreq and OIB as Joint Lead Managers and Joint Bookrunners to arrange a global investor call and a series of fixed-income investor calls starting Tuesday.
The certificates will be issued by Al Jawaher Assets Company SPC as trustee, with OETC as the obligor. The sukuk is expected to be rated Ba1 by Moody’s and BB+ by Fitch.
OETC is the sole transmission operator in Oman providing electricity transmission and dispatch in the Main Interconnected System (MIS), and in the Dhofar region, covering 100% of Oman’s transmission system.
The company is 51% indirectly owned by the Government of Oman and the remaining 49% ownership is with the State Grid International Development Ltd / State Grid Corporation of China, one of the world’s largest transmission network operators.
(Writing by Bindu Rai, editing by Daniel Luiz)
