CC has advised Oman on its return to the int’l debt capital markets

The proceeds from the debt-raising enable the Sultanate to meet a significant portion of its expected funding needs for the year.

Clifford Chance has advised the Government of the Sultanate of Oman on its return to the international debt capital markets in 2019 with a USD3 billion dual-tranche offering (USD2.25 billion 6.000 per cent). Notes due 2029 and USD750 million 4.875 per cent. Notes due 2025) under the Sultanate’s Global Medium Term Note Programme. The transaction settled on August 1, 2019.

The proceeds from the debt-raising enable the Sultanate to meet a significant portion of its expected funding needs for the year. The bonds were offered and sold in reliance on Rule 144A and Regulation S and were admitted to trading on Euronext Dublin.

Since the Sultanate’s return to the international capital markets in 2016, Clifford Chance has advised the Sultanate on all of its bond and sukuk offerings. Clifford Chance partner, Stuart Ure, who led the team commented, “This was another landmark offering for the Sultanate, availing of optimal market conditions, and we were delighted to partner with the Ministry of Finance once again to deliver a successful transaction for all parties.”

The Clifford Chance team was led on English law matters through its UAE offices by partner Stuart Ure and senior associate Rafé Khokhar, and on US law matters through its Paris office by US partner Alex Bafi, supported by US counsel Olivier Plessis and US associates Ryan Bosch and Nick Brock. Al Busaidy Mansoor Jamal & Co (AMJ) advised the Sultanate on the Omani law aspects of the transaction.

The August 2019 issuance was coordinated by a lead manager group comprised of Citigroup Global Markets Limited, First Abu Dhabi Bank PJSC, J.P. Morgan Securities plc, MUFG Securities EMEA plc, Natixis, Société Générale and Standard Chartered Bank.