🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Oman Oil to raise $850 million revolving loan – sources

Published 01/10/2018, 10:38
Updated 01/10/2018, 10:40
© Reuters.  Oman Oil to raise $850 million revolving loan – sources
DBKGn
-
CAGR
-
SOGN
-
STAN
-

By Davide Barbuscia

DUBAI (Reuters) - State-run Oman Oil Co is set to raise an $850 million (£652 million) revolving credit facility, sources familiar with the matter said.

The unsecured loan will be provided by a consortium of more than 10 banks and will be finalised over the next few weeks, the sources said.

Oman Oil has been a regular borrower of U.S. dollar-denominated loans over the past few years, in line with a wider push by the Omani government to raise external funding to reduce pressure on its finances, strained by a slump in oil prices.

The $850 million facility will refinance an $850 million revolving loan due in 2019, said the sources. Oman Oil did not immediately respond to a request for comment.

Oman Oil completed in July last year a $2 billion financing which included a $1.15 billion revolving credit facility with a five-year maturity and the amendment of the terms of the $850 million revolving loan maturing in 2019.

The $850 million loan was part of a dual-tranche $1.85 billion financing the company raised in 2014.

The financing last year was provided by a group of banks including Credit Agricole (PA:CAGR), Deutsche Bank (DE:DBKGn), First Abu Dhabi Bank, HSBC, Natixis, Societe Generale (PA:SOGN), Standard Chartered (LON:STAN) and Sumitomo Mitsui Banking Corp, sources told Reuters at the time.

The new $850 million transaction is self-arranged, said the sources, meaning that the borrower is coordinating the fundraising by putting together a group of banks.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.