Dentons advises National Bank of Oman on million-dollar bond issue

Dentons has advised the National Bank of Oman SAOG (“NBO“), one of the largest banks in the Sultanate of Oman, in relation to the update of its USD1.5 billion Euro Medium Term Note programme (the “Programme“), the upsize of the Programme from USD600 million to USD1.5 billion and the issue of USD500 million 5.625 per cent notes due September 25, 2023 with strong local and international support. The Programme and issue are rated (Baa3, Moody’s) and listed on Euronext Dublin (formerly, the Irish Stock Exchange). The Programme was arranged by Crédit Agricole Corporate and Investment Bank, Arab Banking Corporation (B.S.C.), Citigroup Global Markets Limited, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, NBO and Standard Chartered Bank.

Dentons also advised NBO on its cash tender offer and buy-back of USD300 million 3.125 per cent. notes due in October 2019, which was carried out in conjunction with the new issuance. The tender offer was the first liability management exercise conducted in Oman.

Dentons’ London-based capital markets partner Matthew Sapte, who led on the transaction, commented, “Having worked with the NBO team over a number of years on prior public debt issues, our London and Muscat teams are delighted to have been able to support NBO once again on another landmark transaction.

Ananth Venkat, the CFO of NBO, commented that “We are pleased with the outcome and particularly the way this transaction was executed from start to finish. Dentons brought about a seamless coordination of all participants in this issuance.”

Dentons’ Muscat office, led by partner Sadaf Buchanan, senior associate Justine Harding and associate Budoor Moosa advised NBO on the Oman law aspects of the transaction. In addition to Matthew Sapte, associate Nicholas Yao advised on the transaction in London, along with trainees Niharika Khimji and George Savage.