DUBAI May 8 Oman Investment Fund said on Monday it had closed the syndication of $600 million of conventional and Islamic finance loan facilities for its wholly owned subsidiary United Telecommunication Limited (UTL).
The proceeds will be used for the acquisition of a 51 percent stake in Omantel.
The facilities, which were raised by UTL, have a 5.25 year tenor, and are divided between a $450 million conventional loan and a $150 million Islamic loan.
Citi was the initial underwriter of the loan. It was subsequently joined by Banca IMI/Intesa Sanpaolo, Kuwait Finance House and National Bank of Abu Dhabi as underwriters and bookrunners. (Reporting by Davide Barbuscia; editing by Alexander Smith)
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