National Bank of Oman gets tenders for $388.1 million of 3 1/8% notes

By Susanna Moon

Chicago, Sept. 18 – National Bank of Oman SAOG said holders had tendered $388,102,000 of its $600 million 3 1/8% notes due 2019 in the offer that ended at 11 a.m. ET on Sept. 17.

The issuer expects to purchase the tendered notes using a proration factor of 79.2788%, according to a company update on Tuesday.

As announced Sept. 10, the issuer was tendering for up to $300 million of the notes using proceeds of new dollar-denominated notes.

The purchase price will be 100.125% plus accrued interest to but excluding the settlement date.

Settlement is expected to occur on Sept. 25.

The offer was being made along with the issue of new notes so that the issuer may “proactively manage upcoming debt redemptions, optimize its cost of debt and improve balance sheet efficiency and to extend its debt maturity profile,” according to a previous announcement.

The tender is contingent on the issue of the new notes, which were expected to price before the offer ends.

As reported Sept. 18, the bank plans to price a benchmark offering of dollar five-year bonds talked at mid-swaps plus 275 basis points, plus or minus 5 bps.

The global coordinators and dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Credit Agricole CIB (+44 20 7214 7408 or liability.management@ca-cib.com). The dealer managers are Arab Banking Corp., Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, National Bank of Oman SAOG and Standard Chartered Bank.

The tender and information agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or nbo@lucid-is.com).

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