BMI’s syndicated term loan facility wins good response

Bahrain-based BankMuscat International (BMI) announced that its maiden Syndicated Term Loan Facility for $75 million had received tremendous support from the global financial community and was heading for an oversubscription.

The three-year facility, which was mandated to bookrunners, BankMuscat S.A.O.G., Commerzbank Aktiengesellschaft and Mizuho Corporate Bank, has five other leading banks in mandated lead arrangers positions. These are: Arab Banking Corporation, Bayerische Landersbank, Gulf International Bank, Lloyds TSB Bank and National Bank of Dubai.
The syndication, which was launched on July 5, received commitments from investors across the globe spanning the Far East, Australia, Europe and Middle East.
The bookrunner banks expect further subscription before it closes.
Commenting on the success of the syndication, Abbas Al Derazi, general manager of BMI said: “We thank the bookrunner and mandated lead arranger banks for facilitating this successful transaction as well as the international banking community for their strong support which has come from lenders in diverse geographical markets.
“Such excellent support could not have come at a more opportune time than now when we are in the process of stepping up our domestic growth strategy.” 
BMI is currently rated as “Investment Grade” by leading rating agencies attributing “profitable profile, diversified revenue streams and strong support from shareholders who comprise of some of the strongest and highly respected financial institutions from across the GCC region including BankMuscat (Oman), Royal Court Affairs (Oman), Overseas Investments (Bahrain), Istithmar (UAE) and Global Investment House (Kuwait).