Dentons advised Bank Dhofar on its issuance of US$300 million Perpetual Tier 1 Capital Securities, which completed on 27 May 2015. The transaction represented the first ever issuance of Basel III-compliant securities in the form of Additional Tier 1 bonds in Oman and Bank Dhofar's maiden international bond issuance. The Capital Securities were listed on the Irish Stock Exchange and were offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933. National Bank of Abu Dhabi and Standard Chartered Bank acted as Joint Global Coordinators and, together with Emirates NBD Capital, as Joint Lead Managers on the issuance of the Capital Securities. Union National Bank acted as Co-Lead Manager on the transaction.
Dentons Capital Markets Partner in Dubai, Alex Roussos, commented, "This is a very significant transaction for the Bank as well as for Oman, as it is the first Additional Tier 1 issuance approved by the Central Bank under its new Basel III guidelines. It required a tremendous effort by all parties involved (including the regulator) to get this deal done and we hope that it will pave the way for future Basel III-compliant transactions in the country. We are delighted to have taken part in this landmark transaction, and our involvement is a continuation of our Firm's strong tradition of advising on regulatory capital deals in the Middle East, including under the new Basel regime".
AbdulHakeim Al Ojaili, acting CEO of Bank Dhofar, reinforced the pioneering nature of the transaction for Bank Dhofar and the significance of the issuance on the Omani financing landscape, whilst mentioning the great support provided by the Dentons' team in helping the bank to achieve a successful launch and milestone.
The Dentons Muscat team was led by Partner Sadaf Buchanan, working with Partner George Sandars, Senior Associate Justine Harding and Associate Fatma al Rashdi. Capital Markets Partner Alex Roussos led the Dubai team working with Senior Associate Beene Ndulo and Associate Katie Phillips.
