Oman seeks $2 billion bridge loan, says source confirming LPC
Oman sent a request for proposals to banks in June for a $2 billion loan with a one-year maturity, which would be replaced by a bond issue, one source familiar with the matter said, confirming the LPC report. Banks were expected to submit proposals this week, the source added.
- Country:
- Oman
Oman is seeking a $2 billion bridge loan from international and regional banks, a source familiar with the matter said on Friday, confirming a report by LPC, a fixed-income news service owned by Refinitiv. The Gulf state was in talks with banks earlier this year about funding options, including a loan of about $2 billion, but discussions were put on hold due to the coronavirus crisis and plunging oil prices, sources previously said.
Discussions had now resumed, sources said on Friday. Oman sent a request for proposals to banks in June for a $2 billion loan with a one-year maturity, which would be replaced by a bond issue, one source familiar with the matter said, confirming the LPC report.
Banks were expected to submit proposals this week, the source added. A second source said loan talks had resumed without giving details.
Oman's Finance Ministry did not immediately respond to a Reuters request for comment. Oman, a relatively small crude producer and burdened by high levels of debt, is more vulnerable to oil price swings than most of its wealthier Gulf neighbors. It was downgraded in June by Moody's further into junk territory to Ba3 from Ba2, with the rating agency citing risks related to Oman's financing needs and its diminishing buffers.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Rugby-Fijian Drua scrumhalf Lomani banned for six matches for elbow
Novak Djokovic eases past Roman Safiullin to reach Monte-Carlo Masters third-round
Kikkoman India Hosts Second Culinary Experts Meet-up, Focusing on Innovative Ingredient Usage in Indian Cuisine
Woman sexually assaulted in Uttar Pradesh village, police file FIR
Elderly woman killed in bear attack in Chhattisgarh