BankDhofar on Wednesday announced that it has successfully raised US$250mn syndicated term facility. The facility will be utilized by the bank for general corporate purposes.

The syndication, launched on May 2, 2021, was oversubscribed multiple times on the back of very strong participation from regional and international banks from the GCC, Europe and Asia, BankDhofar said in a press statement.

Abdul Hakeem al Ojaili, CEO of BankDhofar, said, “Despite continuing challenges in the market, the success and oversubscription of this transaction is an evidence of the confidence in BankDhofar and sovereign by international and regional banks, as well as the long term credit strength and continued growth of the Omani economy. We will use the proceeds of this facility to finance nationally important projects and continue to support and contribute to Oman’s economy.”

Bank ABC (Arab Banking Corporation) and First Abu Dhabi Bank acted as joint coordinators, underwriters, initial mandated lead arrangers and book-runners for the transaction. In addition, First Abu Dhabi Bank was the agent on the transaction.