Topaz inks phase one of $330m loan deal

UAE-based Topaz Energy and Marine, a subsidiary of Renaissance Services, on Saturday said that it has signed phase one of a $330 million loan agreement with a syndicate of banks towards the refinancing of some of its existing loans.

The deal paves the way for extra liquidity and new investments in Topaz’s offshore support vessel operations, a statement from the company said.

“The agreement completes phase one of Topaz’s previously announced refinancing initiative. The transaction refinances Topaz’s existing borrowings and releases trapped equity of $60 million. The first phase of $203 million refinancing was arranged and financed by DVB Bank, Standard Chartered Bank and First Gulf Bank,” it said.

“We are pleased with the support our banking partners have shown in times of difficult economic conditions globally,” Renaissance group chief financial officer Vishal Goenka said.

“The successful completion of the deal is testament to the confidence the banks place in Topaz, which is underpinned by the firm’s track record of performance and corporate governance, as well as its prospects for future growth. We are further encouraged by the interest in the second phase of this transaction expressed by regional and international banks.”