Dentons advises the joint lead managers on Energy Development Oman’s US$650 million sukuk issuance

Dubai/London/Muscat:-A cross-border team from global law firm Dentons provided English, US Securities and Omani law advice to the joint lead managers on the issuance on behalf of Energy Development Oman SAOC (EDO) of US$650 million Trust Certificates due 2036.

The issuance was made under the Trust Certificate Issuance Programme of EDO Sukuk Limited and marks EDO's first transaction since regaining its investment grade status.

The joint lead managers for the transaction were Citi, Dubai Islamic Bank, HSBC, J.P. Morgan, KFH Capital, Mashreq, Sohar International Bank and Standard Chartered Bank.

The Sukuk was structured as an Ijara/Commodity Murabaha and successfully closed on 22 January 2026. The Trust Certificates are listed on the London Stock Exchange's International Securities Market, with the offering conducted under Rule 144A and Regulation S of the US Securities Act of 1933.

This was the first capital markets issuance on behalf of EDO on which Dentons has acted as both international and local counsel, and follows the relocation of Victoria Wyer and appointment of Peter Cullen, both debt capital markets partners, to the Firm's Dubai office.

This is the second major capital markets transaction in Oman for Dentons in recent months, following advice to Oman Electricity Transmission Company on the establishment of its trust certificate and GMTN programmes in October 2025.

The issuance, rated BBB- by both Fitch and S&P, attracted strong demand from regional and international investors, demonstrating sustained confidence in EDO's stability and Oman's credit fundamentals.

Peter Cullen, Debt Capital Markets partner at Dentons, commented: "This was a fantastic transaction to be involved in as my first at Dentons. We are delighted to continue supporting EDO on its capital markets strategy, and to have provided English, US securities and Omani law advice to a syndicate of leading international and regional banks on this important issuance."

Sadaf Buchanan, Head of Banking at Dentons Oman, added: "We are thrilled to see Dentons deliver another successful landmark transaction of this nature, from the international English law and US securities aspects through to complex sukuk structuring and Omani law advice. This transaction highlights the strength and depth of our integrated Muscat and international teams, and our longstanding commitment to supporting not only issuers such as EDO but also the continued development of Oman's capital markets, working alongside a stellar roster of banks."

The Dentons transaction team was led by Oman partner Sadaf Buchanan, Dubai-based debt capital markets partners Peter Cullen and Victoria Wyer, and London capital markets and US securities partner Cameron Half. The team also included US securities associate Pichrotanak Bunthan (London), debt capital markets associates Nia Powell (London) and Kellie Diggin (Dubai), Oman associate Aneela Khan and paralegal Naomi Scheyerle.

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