Oman—Dentons advised Oman Electricity Transmission Company (OETC) on the issuance by OmGrid Funding Limited of US$500 million Guaranteed Notes, guaranteed by OETC. OETC is a member of Nama Group and is the Sultanate's main electricity transmission network operator.

This latest issuance follows on from the successful debut issuance in 2015, which was the first ever investment grade international bond issuance of its kind at that time by an Omani corporate entity. 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 of 1933 (the Securities Act), and outside of the United States in reliance on Regulation S under the US Securities Act. The transaction was also the first international bond offering for an Omani corporation since recent sweeping changes were introduced in Oman's tax regime implementing extensions to withholding tax, which was addressed with the inclusion of a novel issuer substitution mechanism in the terms of the Notes. The transaction was also launched in just over four weeks from the start of work to completion.

J.P. Morgan and bank muscat acted as Joint Lead Managers on the transaction.

Dentons' Middle East co-head of Banking and Finance, Sadaf Buchanan, commented, "We are delighted to see the successful launch of another issuance on behalf of OETC, and are honoured to have supported the OETC team again throughout this transaction."

Dentons Corporate Partner in London, Cameron Half, commented, "We are very pleased to have advised OETC on not only another landmark transaction for the company but also Oman and the region. The pricing reflects the continued confidence of investors."

Capital Markets Partner Alex Roussos led the Dubai team working with associate Sana Siddiqui. London Corporate and US securities Partner Cameron Half led the London team, working with Nina Vainorius. The Dentons team in Oman was led by Partner Sadaf Buchanan working with senior associate Justine Harding, and associate Yasser Taqi.

About Dentons

Across over 80 countries, Dentons helps you grow, protect, operate and finance your organization by providing uniquely global and deeply local legal solutions. Polycentric, purpose-driven and committed to inclusion, diversity, equity and sustainability, we focus on what matters most to you. www.dentons.com