Gulf International Bank B.S.C. (GIB) has closed a five-year term loan facility of USD 1 billion for Energy Development Oman (EDO), according to an announcement made on November 10. The financing was arranged in partnership with Mashreq, with both institutions acting as Joint Initial Mandated Lead Arrangers, Underwriters, and Bookrunners.
The facility was initially set at USD 750 million but increased to USD 1 billion after being oversubscribed due to strong interest from a syndicate of 15 international banks. Over half of the allocations were secured by banks outside the Gulf Cooperation Council region, notably from Asia, including significant participation from Chinese and Indian financial institutions.
Funds raised through this loan will be used by EDO for capital expenditure needs and refinancing existing debt. The transaction is expected to help EDO diversify its funding sources and strengthen its presence in global capital markets.
“This transaction demonstrates the continued confidence of the international banking community in EDO’s credit profile and strategic direction. We are grateful for the support from our banking partners and for the leadership of GIB and Mashreq in arranging a highly successful syndication,” said Eng. Mazin Al-Lamki, CEO of Energy Development Oman.
Sara Abdulhadi, CEO of GIB B.S.C., added: “We are delighted to have supported EDO on this landmark financing. The strong demand and participation from institutions across Asia and beyond highlight both the quality of the borrower and the strength of GIB’s syndication and structuring expertise. We remain committed to serving leading regional corporates and sovereign-linked entities with innovative financing solutions.”
