Dentons advises OETC on $500mn notes issuance
Muscat – Dentons advised Oman Electricity Transmission Co (OETC) on the issuance by OmGrid Funding Limited of US$500mn notes guaranteed by OETC.
This latest issuance by OETC follows the successful debut issuance in 2015, which was the first ever investment grade inter- national bond issuance of its kind at that time by an Omani corporate entity. The notes were listed on the Irish Stock Exchange, a press release said.
The transaction was also the first international bond offering for an Omani corporation since recent sweeping changes were introduced in Oman’s tax regime implementing extensions to withholding tax, which was addressed with the inclusion of a novel issuer substitution mechanism in the terms of the notes.
The transaction was launched in four weeks time from the start of work. J.P. Morgan and Bank Muscat acted as joint lead managers on the transaction.