Dubai: Middle Eastern OSV operator Topaz Energy and Marine has secured a new $550m facility.
The facility is arranged over three tranches. The first is a conventional and Islamic senior secured, term loan of $350m over seven years which will be used principally to repay existing senior debt. The second is a senior secured, conventional and Islamic revolving credit facility of $100m over five years and the third tranche is a senior unsecured conventional and Islamic term loan of $100m, both of which will be used to fund growth capex.
Standard Chartered, HSBC, Emirates NBD, Noor Bank, GIB and FGB are the mandated lead arrangers with Standard Chartered and HSBC also appointed as co-ordinators.
Rene Kofod-Olsen, CEO, Topaz Energy and Marine, said, “Topaz has a clear strategy of harnessing the long-term growth opportunity of the offshore support vessel market. A fundamental part of that strategy is ensuring we have the right capital structure to provide the financing to fund our plans. Securing this substantial facility at highly competitive rates in the current market environment is testament to the banking community’s confidence in Topaz ‘s business model and future prospects. We have not only secured lower pricing, but have also extended the maturity of our debt profile, which will increase liquidity, lowering Topaz ‘s overall risk. The new facility gives Topaz the ability to continue to invest in its strategy and capture the long-term growth opportunity of our markets.”