Dechert Leads on Debut Rule 144A/Reg S Bond Issue out of the Sultanate of Oman

International law firm Dechert LLP has further strengthened its leading position as a global legal advisor on MENA region capital markets issues, having advised on the first ever investment grade international bond issuance by an Omani corporate entity and the largest ever international capital markets issuance out of the Sultanate of Oman.

Dechert represented bank muscat SAOG and J.P. Morgan Securities plc, as joint lead managers, in connection with the debut issuance of US$1.0 billion 3.958% notes due 2025. The notes were issued through a special purpose vehicle, Lamar Funding Limited, with the benefit of a guarantee by Oman Electricity Transmission Company S.A.O.C (OETC). 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% of Oman’s electricity market. The notes were offered pursuant to Rule 144A and Regulation S under the U.S. Securities Act and are admitted to listing and trading on the regulated market of the Irish Stock Exchange.

Dubai-based partner Louise Roman led the Dechert team, with high-level support from Camille Abousleiman, Head of Dechert’s Middle East & Africa Practice, and assistance from associates Jennifer Buckett (London), Sam Bardon (London) and Tim Burns (Dubai). Roman relocated to Dechert’s Dubai office in 2014 to spearhead further growth in the firm’s capital markets and corporate finance practice.

Roman commented: “We are delighted to have advised on this milestone international capital markets transaction. I am especially pleased to continue our strong track record of advising on debt capital markets in the MENA region. Our participation in this landmark offering not only represents Dechert’s success in helping key emerging markets to access the international capital markets, but also confirms the firm’s commitment to our MENA practice.”

www.dechert.com


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