Oman's Renaissance Services said on Monday its subsidiary Topaz Marine had started marketing a five-year $350 million senior notes offering.
The proceeds from the bond will be used to refinance certain existing loans, fund capital expenditure and increase cash on balance sheet, it said in a statement. The notes will be guaranteed on an unsecured basis by certain of Topaz's subsidiaries, Renaissance said.
"The company will decide whether or not to proceed with an issue of notes, based on investor feedback received during the marketing process," it said.
In 2011, Renaissance pulled a $500 million initial public offering (IPO) of Topaz Energy in London, amid valuation concerns and growing regional unrest at the time.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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