Nawras refinances loan facility

Oman telco Nawras announced the signing of a new funding deal worth US$149 million. With a five-year tenure, the consortium for the refinancing facility consists of Bank Muscat, DBS Bank Ltd., Qatar National Bank (Doha and Muscat), and The Bank of Tokyo-Mitsubishi UFJ, Ltd.

The new facility comprises of a term loan of US$87 million and revolving credit facility of OMR24 million (US$62 million).

The company used this opportunity to refinance the whole of its existing facility from a project financing to a corporate financing structure based on its strong balance sheet and operating results. The deal will allow Nawras to refinance its existing indebtedness on more flexible terms and facilitates future investments.