Chicago, Feb. 9 – Oman Telecommunications Co. SAOG published terms on its OTEL Sukuk Ltd. sukuk offering (Ba2//BB+), according to a full term sheet and disclosures from the issuer.
The $500 million trust certificates will have a profit rate of 5 3/8% and a seven-year tenor.
The company was in the market last fall with the offering, but postponed it.
Investor calls restarted Jan. 16.
The Rule 144A and Regulation S deal listed Citigroup Global Markets Ltd. and J.P. Morgan Securities plc as joint global coordinators.
Those banks were joined by Arab Banking Corp. (BSC), Bank Muscat (SAOG), Bank Nizwa SAOG, Dubai Islamic Bank PJSC, First Abu Dhabi Bank PJSC and Standard Chartered Bank were the joint lead managers.
According to one of the lawyers involved in the transaction, the deal was more than 8x oversubscribed from 130 accounts.
Proceeds are being used to repay a $460 million bridge loan and for general corporate purposes.
The deal is listed in Dublin.
The telecommunications company is based in Muscat, Oman.
| Issuer: | OTEL Sukuk Ltd.
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| Guarantor: | Oztel Holdings SPC Ltd.
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| Obligor: | Oman Telecommunications Co. SAOG
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| Amount: | $500 million
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| Issue: | Trust certificates
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| Maturity: | Jan. 24, 2031
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| Bookrunners: | Citigroup Global Markets Ltd., J.P. Morgan Securities plc (joint global coordinators), Arab Banking Corp. (BSC), Bank Muscat (SAOG), Bank Nizwa SAOG, Dubai Islamic Bank PJSC, First Abu Dhabi Bank PJSC and Standard Chartered Bank
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| Counsel to issuer: | Linklaters, Addleshaw Goddard (Middle East) LLP
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| Counsel to underwriters: | Allen & Overy LLP, Dentons & Co., Oman Branch
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| Coupon: | 5 3/8%
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| Price: | Par
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| Yield: | 5 3/8%
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| Change of control: | Yes
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| Trade date: | Jan. 17
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| Settlement date: | Jan. 24
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| Ratings: | Moody’s: Ba2
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| Fitch: BB+
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| Distribution: | Rule 144A and Regulation S
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| Marketing: | Investor meetings
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| ISIN: | XS2695410832, US688919AA75
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