Wednesday 20 June 2018

Oman's Renaissance unit to price $350m bond

Muscat, October 25, 2013

Topaz Marine, a unit of Oman's Renaissance Services, is expected to price its debut $350 million bond on Friday after releasing initial price guidance for the debt offering, a document from lead managers said.

The bond, which has a five-year lifespan but which can be redeemed by the issuer after three years, is earmarked to price with a coupon between 8.75 and 9 per cent, the document said.

Order books for European investors and those on the East coast of the United States will close on Thursday, with books held open for investors on the West Coast until 1300 GMT on Friday, it added.

Goldman Sachs is the lead bookrunner and HSBC and Standard Chartered are co-bookrunners for the planned senior notes issue.

Proceeds from the planned bond will be used to refinance certain existing loans, fund capital expenditure and increase cash on the balance sheet, Topaz said in a statement on Monday.-Reuters

Tags: Oman | bond | Renaissance |

More Finance & Capital Market Stories

calendarCalendar of Events