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Renaissance Group Prices UAE 125 MN 7.900% Dual-Currency Perpetual Bond

UAE and Qatar, 28th July, 2015

Renaissance Group ("Renaissance") successfully priced a dual-currency subordinated perpetual bond issuance. An aggregate issue size of USD 125 mn was raised through a wholly owned overseas subsidiary of Renaissance, the proceeds will be used to finance the repurchase of Renaissance’s mandatory convertible bonds. The bond was priced with a coupon of 7.900% and the issue was placed on a private offering basis. The bond will be listed on the Irish Stock Exchange.

The issuance marks many firsts, including: the first ever perpetual equity-eligible corporate bond from an Oman headquartered business group, the first ever dual-currency bond (with USD and OMR tranches) from the GCC and the first ever international bond by a MSM listed Omani corporate entity. The notes were particularly well received by Omani investors and achieved balanced investor distribution profile, comprising banks, pension funds, government entities, family offices and private banking demand.

Chairman of Renaissance, Mr. Samir J Fancy said "We are extremely pleased with the success of this transaction which marks an important milestone in Renaissance’s history".

Group CFO of the Company, Vishal Goenka commented "the remarkable support provided by Omani investors is a testament to their confidence in our credit and trust in our business model and strategy. In addition, we are happy to have played a role in the development of Oman’s debt capital markets and are honored to be the first corporate issuer to raise debt in an equity-eligible manner."

Standard Chartered Bank acted as Sole Structuring Advisor, and National Bank of Oman SAOG, Bank Sohar SAOG, and Standard Chartered Bank acted as Joint Lead Managers. Alpen Capital LLC, Oman acted as Financial Adviser to Renaissance.