Renaissance, through Topaz Marine, set to offer senior notes
Renaissance Services, an Omani based firm, announced last Monday that its subsidiary, Topaz Marine was in the process of marketing a five year USD350 million senior note offer. The proceeds of the bond offer would be utilized to refinance a number of loans as well as fund capital expenditures.
In a statement, the company said the offer would assist aslo in increasing cash in the balance sheet. The said notes would be guaranteed on an unsecured basis by a number of Topaz subsidiaries.
The statement read, "The company will decide whether or not to proceed with an issue of notes, based on investor feedback received during the marketing process."
Back in 2011, Renaissance had pulled out the USD500 million IPO of Topaz Energy to be held in London. The reason for such move were concerns as to valuation as well as regional unrest prevalent at the time.