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.