Renaissance Services SAOG announced yesterday that Topaz Marine SA, a wholly owned subsidiary of Topaz Energy and Marine Limited (the Company) and an indirect subsidiary of Renaissance, intends to offer up to $375.0 million aggregate principal amount of Senior Notes due in 2022.
Concurrently with the Notes offering, Topaz has launched a tender offer for its existing $350.0 million 8.625 per cent Senior Notes due in 2018 (the “Existing Notes”).
Topaz will decide whether or not to proceed with an issue of Notes, based on market conditions. Topaz will provide an update on its decision with regard to the potential issuance of the Notes as the process unfolds, said Renaissance in a filing to the Capital Securities Market (CMA).
“If the Notes are issued, the gross proceeds from the issue and sale of the Notes will be used to repurchase the Existing Notes, to fund the redemption of the Existing Notes (the “Redemption”) and to pay the fees and expenses relating to the offering of the Notes and the Redemption and the Tender Offer.
The Tender Offer and the Redemption are conditional on the issue of the Notes,” it added.
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