Bank Sohar to arrange $257m loan for Misco steel project



Muscat: Achieving yet another milestone in continued growth of the industrial sector in the Sultanate, Bank Sohar has announced the launch of a debt syndication facility for the greenfield steel project by Moon Iron & Steel Company (Misco), being set up at the Sohar Industrial Estate. 

This follows a formal signing ceremony with Moon Iron & Steel Company (Misco) in November 2013, whereby the bank was appointed as the sole arranger for tying up the entire project debt requirement of $257 million.

"At Bank Sohar, we are proud to be associated with this project as it will not only be a significant contributor to the industrial sector in the Sultanate, but will bring all-round development and increased employment opportunities for locals. As part-financers, we are pleased to announce that the initial meeting was a success with all local banks and a few foreign banks operating in the Sultanate showed keen interest as well. Bank Sohar is committed towards supporting viable industrial projects in Oman and we look forward to coming up with similar initiatives in future to support this vision," said Mervyn Fernando, DGM & Head Corporate Banking of the bank.

Bank Sohar hosted a kick-off meeting on December 23, 2013 at the Chedi, Muscat as the sole arranger and part lender of the greenfield steel project.

Interested parties and institutional investors gathered to learn about the new project, while the investment benefits from participating in the debt syndication programme were highlighted through a series of detailed presentations by the bank.

The steel project has been fully evaluated by the Project Finance and Syndication Department of Bank Sohar, with an Information memorandum (IM) being formalised, which describes the project and the terms of the proposed debt syndication.

The IM was shared with other interested parties to identify their appetite to participate in the funding requirements for the steel project. 

The welcome address at the evening's event was delivered by Ali Abdul Hossain Al Lawati, Chief Manager, Corporate Banking. Thereafter, Sanjeet Kumar Verma, Head of Project Finance and Syndication showcased a detailed presentation of the project's terms of transactions.

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