Den­tons ad­vises OETC on $500mn notes is­suance

Muscat Daily - - BUSINESS -

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.

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