By Christine Van Dusen
Atlanta, May 22 – Oman’s Bank Dhofar SAOG printed $300 million of 6.85% perpetual tier 1 capital securities at par to yield 6.85%, according to an offering document.
After five years, the interest rate resets to mid-swaps plus 512.8 basis points.
National Bank of Abu Dhabi and Standard Chartered Bank were the joint lead managers and global coordinators and Emirates NBD was a lead manager for the Regulation S deal.
The proceeds will be used to increase the lender’s tier 1 capital for the purpose of improving capital adequacy and for general corporate purposes.
The company is an Oman-based lender.
| Issuer: | Bank Dhofar SAOG
|
| Amount: | $300 million
|
| Maturity: | Perpetual
|
| Description: | Tier 1 capital securities
|
| Lead managers: | National Bank of Abu Dhabi, Standard Chartered Bank (global coordinators), Emirates NBD
|
| Co-manager: | Union National Bank
|
| Coupon: | 6.85% until May 27, 2020, then at mid-swaps plus 512.8 bps, resetting every five years
|
| Price: | Par
|
| Yield: | 6.85%
|
| Call: | May 27, 2020 and subsequent interest payment dates
|
| Trade date: | May 21
|
| Settlement date: | May 27
|
| Distribution: | Regulation S
|
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