By Mary-Katherine Stinson
Lexington, Ky., Feb. 14 – Mazoon Assets Co. SAOC issued $500 million of trust certificates due Feb. 14, 2029 (Ba1/BB+), according to a pricing supplement.
Nama Electricity Distribution Co. SAOC is the seller, lessee, obligor and servicing agent.
The trust certificates, with a 5½% fixed periodic distribution rate, priced at 99.359.
Periodic distributions are scheduled for Feb. 14 and Aug. 14 each year.
The certificates have a put option right, as well as a cleanup call right.
Application has been made for the certificates to be admitted to trading on the London Stock Exchange’s International Securities Market.
Abu Dhabi Commercial Bank PJSC, Arab Banking Corporation (B.S.C.), Bank Muscat SAOG, Citigroup Global Markets Ltd., Deutsche Bank AG, J.P. Morgan Securities plc and Standard Chartered Bank are the bookrunners for the Regulation S and Rule 144A offering.
Mazoon Assets is a subsidiary of Mazoon Electricity Co. SAOC, which has been renamed Nama Electricity. The electricity distribution company is based in Muscat, Oman.
| Issuer: | Mazoon Assets Co. SAOC (for Nama Electricity Distribution Co. SAOC)
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| Amount: | $500 million
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| Issue: | Trust certificates, series 1
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| Maturity: | Feb. 14, 2029
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| Bookrunners: | Abu Dhabi Commercial Bank PJSC, Arab Banking Corporation (B.S.C.), Bank Muscat SAOG, Citigroup Global Markets Ltd., Deutsche Bank AG, J.P. Morgan Securities plc and Standard Chartered Bank
|
| Coupon: | 5½%
|
| Price: | 99.359
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| Change of control: | Yes
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 14
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| Ratings: | Moody’s: Ba1
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| S&P: BB+
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| Distribution: | Regulation S, Rule 144A
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| ISIN: | XS2764876475, US57886LAB80
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