International law firm Trowers & Hamlins advised National Finance Co. S.A.O.G. (NFC) on the issuance of OMR25,000,000 (with a greenshoe option to increase the maximum issuance size to OMR 35,000,000) unsecured, perpetual and subordinated bonds.
NFC is a key market player in the finance and leasing industry in the Sultanate of Oman. The issuance will allow NFC to fund its future growth plans and provide funds for its general corporate purposes.
The bonds will be admitted to trading by the Muscat Stock Exchange on the Bonds and Sukuk Market. This is the largest debt capital market issuance amongst the finance and leasing companies in Oman.
Bank Muscat S.A.O.G. acted as the issue manager and collecting bank to the issue. Bank Muscat S.A.O.G. is the anchor investor for the offering to purchase or procure to purchase the bonds up to a maximum of 50% of the issue size (excluding the greenshoe option).
Trowers & Hamlins advised as transaction counsel on all aspects of the issuance. The team was led by Partner and Head of the International Banking and Capital Markets practice in Trowers & Hamlins' Oman office, Salman Ahmed, with support from Jonathan Grosvenor (Senior Associate), Phoebe Lim, Rashi Jain, Alyson Phung, Aida Al Jahdhami, Reem Al Mahrizi, and Kasab Vora (Associates), AlShaima Al Hinai and Molly Robertson (Trainee Solicitors).
Salman commented:
"We are delighted to have advised on this perpetual capital market issuance, the largest of its kind amongst finance and leasing companies in Oman. The oversubscription of the offering with strong demand from institutional investors reflects National Finance's market position. The proceeds from issuance will enable National Finance to strengthen its capital base to support further growth. The issuance is also a positive reflection of Oman's stable and fast growing economy."
