Services successfully launches the first high yield
bond issued by any private Oil & Gas company in the region
Services (MBPS) the flag ship company of MB Holding group of
companies recently launched its maiden high yield bond issue of
US$ 320 million.
This maiden bond issue also heralds the entry of MB Group into
the global capital markets. The notes are listed on Luxembourg
Stock Exchange’s Euro MTF Market. The notes were issued through
MBPS Finance Company (Issuer) a wholly owned subsidiary of MBPS,
which are guaranteed on a senior basis by its parent, MB Holding
Co. LLC (“MB Holding”), MBPS and certain of its subsidiaries.
The Notes has been rated B+ by Standard & Poors and BB- by
Barclays Capital, HSBC and Standard Chartered Bank were the
Joint Book runners and Joint Lead Managers to the issue.
Investors from US, Europe, Middle East and Asia participated in
Dr. Mohammed Al Barwani, Chairman, MB Holding group of companies
was very upbeat on the response to the issue - He said “The MB
Petroleum services bond issue is the first high yield bond
issued by any private company in the region. Our operations are
in more than 15 countries and we have steady, well thought out
plans for growth across the globe. This is a step in that
Chief Financial Officer of MB Holding group of companies, Sushil
Srivastava further added, “The broader objective of this bond is
to establish MB Group in the capital markets, bring foreign
investment in Oman, diversify its sources of funding, improve
short term liquidity of MBPS and improve corporate governance
including reporting transparency. This will position MB Group
itself to set a track record for long term expansion and growth
in Oman and internationally”.
MB Petroleum Services is one of the largest oilfield services
companies in the Middle East with operations in 16 countries and
have an impressive list of clients including Saudi Aramco, Qatar
Petroleum, Total, Royal Dutch Shell and Chevron among others.
MB Petroleum services is part of MB Holding group of companies
which employs more than 6500 employees in over 15 countries
across 4 continents. It has diversified businesses across
drilling and integrated oilfield services, exploration and
production of oil and gas, engineering, manufacturing & trading,
and mining and processing of minerals.