Bank Mus­cat in talks to re­fi­nance $600m loan

Kuwait Times - - BUSINESS -

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.

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