Our friends at Mashreq co-led a USD 1 bn syndicated term facility for Energy Development Oman(EDO) alongside Gulf International Bank (GIB), acting as coordinator, initial mandated lead arranger, bookrunner, and underwriter, according to a press release. The five-year loan drew strong demand, prompting EDO to increase the size of the facility from the USD 750 mn it initially sought. A large share of commitments came from Asian and other non-GCC lenders, broadening the company’s funding base.

Use of proceeds: EDO plans to use the proceeds for general corporate needs and to retire part of an existing USD 2 bn facility maturing in 2029.

IN CONTEXT- The facility, which Mashreq said attracted 15 regional and international lenders, comes after the lender opened its first branch in Muscat earlier this year, initiating direct presence and on-the-ground operations in the Gulf country.

Mashreq previously said its Oman strategy would focus on energy, logistics, tourism, manufacturing, and real estate, aligning with the sultanate’s Vision 2040 economic diversification plan. The bank already financed several tourism-related property projects and plans to leverage its experience to support large-scale infrastructure and smart-city developments.

ADVISORS- Sohar International Bank joined as the only Omani lead arranger, alongside Mashreq and GIB.

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