Thursday 20, July 2017 by Nabilah Annuar

Topaz Marine prices $375 million senior notes

Topaz Marine (the issuer), a subsidiary of Topaz Energy and Marine (the company) and an indirect subsidiary of Renaissance Services SAOG has successfully priced an offering of $375 million Senior Notes due 2022 (the notes) at a fixed coupon of 9.125 per cent per annum and at an issue price of 100.000 per cent (the offering).

The offering is expected to close on July 26, 2017, subject to customary closing conditions. The Notes are guaranteed on a senior unsecured basis by the Company and certain of the Company’s subsidiaries.

The gross proceeds from the issue and sale of the Notes will be used to repurchase the Issuer’s existing $350 million 8.625 per cent Senior Notes due 2018 (the existing otes) in connection with the Issuer’s concurrent tender offer (the tender offer”), to fund the redemption of the Existing Notes not purchased through the Tender Offer (the redemption) and to pay the fees and expenses related to the Offering, the Redemption and the Tender Offer. The Tender Offer and the Redemption are conditional on the closing of the Notes issuance.

The Notes are being offered only to qualified institutional buyers in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the Securities Act) and outside the United States in accordance with Regulation S under the Securities Act. An application has been made to The International Stock Exchange Authority Limited for the listing of the Notes on the Official List of The International Stock Exchange (formerly The Channel Islands Securities Exchange Authority Limited) and permission to deal in the Notes.

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