* Topaz signs $203 mln loan deal as part of refinancing plan
* 7-yr deal, secured against shipping vessels - source
* Phase two of $330 mln plan expected later in 2012 (Adds detail, share price)
DUBAI, May 27 (Reuters) - Topaz Energy and Marine, a unit of Oman's Renaissance Services, has signed the first phase of a $330 million refinancing loan agreement with banks, its parent said in a statement to the bourse on Sunday.
The plan totals $203 million and was arranged and financed by Standard Chartered, DVB Bank and First Gulf Bank, the statement from Renaissance said.
The transaction is a seven-year shipping finance deal, secured against the company's vessels, a banking source familiar with the transaction said. The source, requesting anonymity, added talks were ongoing with three to four other parties about joining the facility.
"Stripping out the engineering unit into a separate company was a good move. The marine part has got healthy cashflows so we're comfortable backing it," the source said.
The plan will refinance Topaz's existing borrowings and releases $60 million in trapped equity.
Topaz operates mainly in the Middle East, North Africa and Caspian Sea region, running a fleet of 100 offshore support vessels.
A $57 million second phase is planned for later this year, according to a Chairman's Report on first-quarter results, and Vishal Goenka, Renaissance group's chief financial officer said that international and regional banks were interested.
United Arab Emirates - based Topaz appointed banks in November to lead the refinancing initiative.
It was hit by a $2.9 million fraud scandal last August, and prior to that, in March, forced to pull a London listing amid valuation concerns and regional unrest.
The company originally said it was seeking $380 million for refinancing, and expected the deal to close by the end of last year.
Its operating profit fell to 5.8 million rials ($15.06 million) in the first quarter, from 8.8 million rials in the prior-year period according to financial statements.
Shares in Renaissance ended 1 percent lower on Sunday. The stock is down 5.5 percent this year, after slumping over 50 percent in 2011. ($1 = 0.3850 Omani rials) (Reporting by David French and Rachna Uppal; Editing by Dinesh Nair)
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