Middle East

Topaz seeks to raise $550m

Dubai:  Topaz Energy and Marine plans to raise $550m in debt from banks in early 2015 to lower its borrowing costs and fund potential expansion.

Dubai-based Topaz, part of Oman's Renaissance Services, has chosen investment bank Rothschild to coordinate the raising of a seven-year loan from banks, chief executive Rene Kofod-Olsen told Reuters in an interview.

"We want to have the firepower should there be any interesting M&A opportunities for us going forward, but also for individual assets," he said.

Topaz is mulling an IPO in London, following a stalled effort to list nearly three years ago.  [25/11/14]

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