CMS advised Oman Broadband Company on a major new financing deal using a hybrid facility in a deal worth USD 445 million. .
Mandated by the Government to build and develop a broadband structure to address low levels of coverage in parts of the Sultanate, Oman Broadband has agreed this major loan facility over a 16-year term. This will enable them to improve broadband penetration in the country and help to bridge the urban/rural digital divide in line with the nation’s broadband strategy.
CMS acted as Oman Broadband’s legal counsel as well as structuring, drafting and negotiating the agreements for the facility that will be used to refinance an existing facility with the Asian Infrastructure Investment Bank, and partly to fund its capital expenditure on broadband infrastructure. The agreements were governed by English and Omani law.
The CMS team was led by senior associate Helen Dean, with lawyers Bassam Al Raisi and Safa Al Bulushi (banking & finance) in the Muscat office.