Topaz Marine prices $350m debut bond

29/10/2013 09:06 AST

Topaz Marine, a unit of Oman’s Renaissance Services, priced its $350 million debut bond, a statement from the parent firm said on Sunday, in a rare high-yield transaction from the Gulf.

The five-year offering carried a coupon of 8.625 per cent, the bourse filing from Renaissance said, adding that the issue was oversubscribed by investors. It did not elaborate.

The final interest rate was tighter than the initial guidance given on Thursday of between 8.75 and nine per cent.

Goldman Sachs was lead bookrunner and HSBC and Standard Chartered were co-bookrunners for the bond.


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