Topaz Energy and Marine has inked the first phase of a $330m loan agreement with its syndicate of banks towards refinancing its outstanding bank debt.
For this phase of the previously announced refinancing, Topaz has obtained a $203m tranche that will be used to refinance existing obligations and to free $60m in trapped equity, the company said.
The tranche was arranged and financed by DVB Bank, Standard Chartered and First Gulf Bank.
Topaz Energy and Marine has inked the first phase of a $330m loan agreement with its syndicate of banks towards refinancing its outstanding bank debt.
For this phase of the previously announced refinancing, Topaz has obtained a $203m tranche that will be used to refinance existing obligations and to free $60m in trapped equity, the company said.
The tranche was arranged and financed by DVB Bank, Standard Chartered and First Gulf Bank.
“The completion of the first phase comes amid a very challenging debt market in general and banking market in particular,” said DVB Bank offshore support group managing director Geir Sjurseth.
He said that Topaz’s favourable position in the offshore supply vessel sector made the deal possible.
Topaz won more than $500m in new charters in 2011 and has a relatively young fleet of 98 OSVs with an average age of 6.5 years, versus the industry average of 13 years. The company operates primarily in the Middle East, North Africa and Caspian Sea.
Topaz is a wholly owned subsidiary of Renaissance Services, listed in Muscat, Oman.
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