Dentons has advised the Oman Electricity Transmission Company (OETC) on its debut issuance of $1 billion notes, with Dechert counseling the joint lead managers.
This was the first-ever investment grade international bond issuance by an Omani corporate entity and also the largest-ever international capital markets issuance out of Oman.
The notes were listed on the Irish Stock Exchange and were offered to qualified institutional buyers in the United States in reliance on rule 144A under the US Securities Act 1933 and to sophisticated investors outside of the United States in reliance on Regulation S under the same Act.
The Dentons Muscat team advising OETC was led by Sadaf Buchanan working with partner George Sandars, with support from capital markets partner Alex Roussos in Dubai, and corporate partner Walter Van Dorn.
The Dechert team representing the joint lead managers, bank muscat and J.P. Morgan Securities, was led by Dubai partner Louise Roman.
OETC, which is ultimately wholly-owned by the Government of Oman, operates the extra high voltage transmission network in the northern area of Oman and in the Dhofar Governate, covering over 95 percent of Oman’s electricity market.