Bank Muscat in talks to refinance $600m loan
Oman’s Bank Muscat has begun initial discussions with banks on refinancing an existing $600 million loan, with a new facility likely to be put in place early next year, banking sources said yesterday. The loan would refinance the three-year maturity that the bank originally raised in March 2014, through a group of lenders that included Bank ABC, Bank of Tokyo-Mitsubishi, Citigroup, Commerzbank, HSBC, Mizuho, National Bank of Abu Dhabi, Sumitomo Mitsui Banking Corporation, and Wells Fargo. Bank Muscat, rated A1 by Moody’s and A- by both S&P and Fitch, declined to comment. Established in 1982, Bank Muscat is Oman’s largest bank with assets totalling 10.87 billion rials ($28.24 billion) as of Sept. 30, according to the bank’s financial statement.