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
(Reporting by Davide Barbuscia; editing by Alexander Smith)