OQ Trading successfully raises US$ 200 Million in its Debut Middle East Syndication arranged by Mashreq
Date
5/30/2022 7:20:16 AM
(MENAFN- Weber Shandwick) Dubai, UAE, May 25, 2022:OQ Trading Limited (“OQT”) announcesthe successful signing of itsUS$200milliondebut senior unsecured syndicated revolving credit facility(the “Facility”) in Middle East,led and arranged by Mashreqbank psc(“Mashreq”). Mashreq acted as the sole Coordinator, Bookrunner and Facility Agent for the Facility.
The transaction marks the inaugural Middle East syndication for OQT, the strategic trading arm of the Government of Oman.Facilitywill act as a committed liquidity buffer within the group’s capital structureand will form an integral cog for ongoing treasury operations in the volatile commodity markets prevalent today. Facility has a one year tenor, with an extension option for the borrower.
Transaction was mainly targeted towards raising liquidity from the GCC region banks, therebyhelping diversifyOQT’s existing banking relationships. Facility was well received and oversubscribed 1.6x by 8 banks fromacross 5 countries.
Following banks joined the Facility: Mashreqbank psc asMandated Lead Arrangers and Bookrunners; Bank Muscat SAOG, Gulf International Bank B.S.C and The National Bank Of Ras Al Khaimah (P.S.C) as the Mandated Lead Arrangers; Abu Dhabi Commercial Bank PJSC, Arab Petroleum Investments Corporation, Al Ahli Bank Of Kuwait K.S.C.P – Dubai Branch and Bank of Baroda as the LeadArrangers.
Joel Van Dusen, Senior Executive Vice President & Group Head of Corporate & Investment Banking Group, Mashreq Banksaid: “The successful conclusion of this transaction underscores Mashreqbank’s credentials as a leading bookrunner for regional credits. Mashreq is proud to have supported OQT in tapping the regional bank market appetite and delivering a successful deal, at a time when the commodity markets are experiencing volatility”.
Sam Naylor, Chief Financial Officer at OQ Tradingsaid:“We are delighted to have successfully closed our first RCF at this most critical of times for energy traders, characterised by an extremely volatile and high price environment. The extended diversification of our funding sources and lending pool realised through this transaction puts OQT in an enviable position in the region and leaves us excellently placed to facilitate our continued growth in the coming years.”
MENAFN30052022004056002392ID1104292664
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.