Trowers & Hamlins advises Bank Muscat in relation to a $650 million unsecured club loan facility
International law firm Trowers & Hamlins has advised Bank Muscat S.A.O.G. (Bank Muscat) in relation to a US$650 million unsecured syndicated loan facility.
The syndicated loan facility which has a three year tenor was oversubscribed, which enabled Bank Muscat to scale the facility up to US$650 million from an initial US$500 million.
The transaction received overwhelming support from the international banking community and was subscribed to by 20 lenders from the GCC, Europe, the United States, Asia and Africa.
Arab Banking Corporation (B.S.C.), Commerzbank Aktiengesellschaft, First Abu Dhabi Bank PJSC, Mashreqbank PSC, Mizuho Bank Ltd. and Wells Fargo Bank, N.A., London Branch acted as the joint lead coordinators on the transaction.
Elias Moubarak, who led on the deal said: "We are delighted to have advised our client Bank Muscat on successfully securing this syndicated loan. The overwhelming support for the loan highlights the confidence of international banks in Bank Muscat and Oman generally."
Trowers acted as Oman counsel to Bank Muscat and advised Bank Muscat on all aspects of the transaction.
The Trowers & Hamlins team was led by Elias Moubarak and Salman Ahmed, with assistance from Leanda Arul and James Ioannou.