NBB closes strategic finance deal for Oman s Mazoon Electricity
MANAMA, 2 hours, 59 minutes ago The NBB Group, comprising National Bank of Bahrain and Bahrain Islamic Bank, has announced the closing an Ijara facility for Oman-based Mazoon Electricity Company (MZEC), with the duo acting as the sole structuring, arranging and bookrunning banks on the facility. The debut Islamic financing facility by the Oman-based GRE was signed for an amount of $235 million. The proceeds will be used to finance the capital expenditure plans of MZEC for 2021, mainly comprising investments in the electricity distribution and supply network in its license area in Oman. The facility is structured as a two-year ijara bridge facility marking the first Islamic bank facility for Nama Group that has in the past raised several conventional bank loan facilities and issuances in the debt capital markets under RegS and 144a format, including a 10-year $500 million debut Sukuk in 2017.
NBB closes strategic finance deal for Oman s Mazoon Electricity
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NBB closes strategic finance deal for Oman s Mazoon Electricity
tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.
Mazoon Electricity signs Islamic financing contract worth $235 million
By: Times News Service
Muscat: Mazoon Electricity Company (MZEC), a subsidiary of Nama Holding, announced the signing of its debut Islamic financing facility for an amount of $235,000,000.
The proceeds will be used to finance the capital expenditure plans of MZEC for 2021 mainly comprising investments in the electricity distribution and supply network in its license areas in Oman.
The facility is structured as a 2-year Ijarah bridge facility marking the first Islamic bank facility for Nama Group that has in the past raised several conventional bank loan facilities and issuances in the debt capital markets under RegS and 144a format, including a 10-year $500,000,000 debut Sukuk in 2017. The facility received interest from regional banks of Bahrain, Kuwait and United Arab Emirates with 12 financiers participating in the facility and an oversubscribed order book.