Muscat : BankDhofar, the second largest bank in Oman by assets, announced that it had successfully raised USD 400 million dual tranche syndicated term facility linked to Secured Overnight Financing Rate (SOFR). The syndication was oversubscribed on the back of very strong participation from regional banks and banks from Asia.
BankDhofar has become the first Omani bank and one of the first banks in the region to raise a SOFR linked term facility.
BankDhofar’s Chief Executive Officer, Abdul Hakeem Omar 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. 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.”
BankDhofar is well prepared for the IBOR transition, and this landmark transaction is an important step towards developing relevant products for its corporate customers in Oman.
Bank ABC (Arab Banking Corporation (B.S.C.) and Emirates NBD Capital Limited (“EMCAP”), acted as Joint Coordinators, Joint Underwriters, Initial Mandated Lead Arrangers and Bookrunners for this transaction. In addition, Emirates NBD Bank PJSC also acted as the Facility Agent on the transaction.
Since its inception in 1990, BankDhofar has played a key role in the growth and development of the banking industry in the Sultanate of Oman, with strong presence in Corporate Banking, Retail Banking, Treasury and Project Finance. The bank caters to customers’ needs and requirements, and sets the standard for best customer experience through innovative products and creative financial solutions. BankDhofar’s commitment to community development and contribution to the growth of the national economy, has given it a reputation of commitment, foresight and solid growth.
To learn more, check-out BankDhofar pages on social media; Facebook (www.facebook.com/BankDhofar), Twitter (@BankDhofar), Instagram (www.instagram.com/BankDhofar), or visit the official website www.BankDhofar.com or contact the call centre 24/7 on (+968) 24791111 for inquiries.