Manama, Bahrain: Bank ABC and Emirates NBD Capital Limited (“EMCAP”), acted as Joint Coordinators, Joint Underwriters, Initial Mandated Lead Arrangers and Bookrunners (together the “IMLABs”) on the US$ 400,000,000 Dual Tranche Syndicated Term Loan Facility for BankDhofar SAOG (“BankDhofar”). In addition, Emirates NBD Bank PJSC also acted as the Facility Agent on the transaction.

BankDhofar has become the first Omani bank and one of the first financial institutions in the region to raise a Secured Overnight Financing Rate (SOFR) linked syndicated term facility. The Facility incorporates a 2-year, and a 3-year tranche. It was over 1.8x oversubscribed mainly due to the appetite in the 3-year tranche with 15 banks from the GCC and Asian investors participating in it. The proceeds will be primarily utilized to refinance BankDhofar’s upcoming maturing facilities. 

The syndication was initially launched at US$300,000,00 and was upsized to US$400,000,000 after scale back, due to strong over-subscription from the banks. The Facility was signed on 23 February 2022 and on the back of strong support received from the banks, was subsequently upsized on 7 March 2022. 

Al Ahli Bank of Kuwait K.S.C.P.-DIFC Branch, Doha Bank Q.P.S.C., Gulf Bank KSCP, Gulf International Bank B.S.C., National Bank of Bahrain B.S.C. State Bank of India WBB Bahrain, The Arab Investment Company S.A.A. joined as Mandated Lead Arrangers.

Commercial Bank of Dubai (PSC), Mashreqbank PSC, The National Bank of Ras Al Khaimah (P.S.C.), joined the facility as Lead Arrangers, while National Bank of Fujairah PJSC National Bank of Umm Al Qaiwain P.S.C., and United Arab Bank P.J.S.C joined as Arrangers.

BankDhofar’s Chief Executive Officer, Abdul Hakeem Al Ojaili stated, “Despite challenging market conditions, the success and oversubscription of this transaction is an evidence of the confidence in BankDhofar and Sultanate of Oman.” He added, “Being the first bank in Oman to price a syndicated facility off SOFR averages, represents a significant achievement for the bank as the industry transitions away from the Interbank Offered Rate (IBOR). The transaction also demonstrates BankDhofar’s position as a leader in adapting and aligning its systems and processes to embrace change”.

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About BankDhofar

BankDhofar was established in the Sultanate of Oman (“Oman”) in January 1990 as a public joint stock company and is engaged in retail banking, corporate banking, investment banking and treasury services. It is the second largest listed bank in Oman by total assets as at 31st December 2021 which currently stand at USD 11.544 billion and has 1,481 employees.

BankDhofar operates a network of 64 branches with 54 conventional branches (including 1 corporate center), 10 Islamic branches, total 192 ATM/CDM/FFM machines made up of 120 Automated Teller Machines (“ATMs”), 57 Cash and Cheque Deposit Machines (“CCDMs”) and 15 Full Function Machines (“FFMs”) as at 31st December 2021. BankDhofar offers its services and products exclusively within Oman. It operates via five business divisions: Retail Banking, Corporate Banking, Treasury and Financial Institutions, Islamic Banking (as a separate window) and Strategic Business Relationship (Government Banking). Retail and Corporate Banking represents the Bank’s largest business segments. In 2013, MAISARAH (the Islamic Banking window) was launched, offering retail and corporate Shari'ah-compliant financial services and products to its customers.

About Bank ABC

Bank ABC is a leading player in the region’s banking industry and provides innovative Wholesale Banking solutions across Transaction Banking (Trade Finance and Cash Management), Project and Structured finance, Syndications, Debt Capital Markets, Treasury and Financial Markets products and Islamic Banking to Corporates and Financial Institutions. It also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria and in Bahrain through its digital mobile-only bank, ila.

About Emirates NBD

Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Turkey) region with a presence in 13 countries, serving over 14 million customers. As at 31st December 2021, total assets were AED 687 Billion, (equivalent to approx. USD 187 Billion). The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 900 branches and 4,079 ATMs / SDMs.

Emirates NBD Group serves customers, businesses, governments and institutions with a range of financial products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations.

The Group is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Group also operates E20., a digital business bank for entrepreneurs and SMEs and Liv., the lifestyle digital bank for millennials. Emirates NBD is an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial literacy and the inclusion of people with disabilities. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.

Emirates NBD Capital is the global investment bank for Emirates NBD Group that has its principal office based in the DIFC and fully regulated by the DFSA. EMCAP is also CMA licensed for providing the full suite of IB services in Saudi Arabia via EMCAP KSA. Dedicated to regional and international clients with-on-the-ground expertise to compliment the Group’s presence and balance sheet strength