Dubai-based global energy commodities trader, Oman Trading International Ltd. (OTI) is pleased to announce the successful signing of its US$1.05 billion uncommitted borrowing base facility. The Facility will be used for the Company's working capital needs and the refinancing of the previous $600 million club deal facility.
The Facility was launched at $800 million on April 11th, 2014 and was substantially oversubscribed in syndication, enabling an increase of the Facility size to $1.05 billion, whilst still scaling back lenders' participations. The Facility has a tenor of 36 months from the closing date of July 3rd, 2014 and further diversifies OTI's banking relationships.
Talal Hamid Al Awfi, CEO for the Company, commented: "This marks another great milestone for OTI in its trading journey since its inception in 2006 and reflects the confidence of the financial world in OTI's trading capabilities. With the combined strength of our shareholders, the extremely high calibre of our employees and our growing global presence, we believe OTI is geared to increase its trading activities and worldwide reach."
OTI's CFO, Laura A. Crays, further added "The successful closing of this Facility has established a robust financing syndication, brings significant reductions to our financing costs and represents an important pillar to support our commercial growth strategy. We are delighted to see the strong message of commitment and confidence received from our existing and new banking partners and very much look forward to deepening our relationships with each of them."