| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Topaz Energy and Marine Ltd. > News item |
Dubai’s Topaz tenders for 8 5/8% notes at 104.4, issues call for rest
By Susanna Moon
Chicago, July 12 – Topaz Energy and Marine Ltd. subsidiary Topaz Marine SA is offering to purchase its $350 million of 8 5/8% senior notes due 2018.
The purchase price will be $1,044 per $1,000 principal amount plus accrued interest to but excluding the settlement date.
The tender offer will end at 5 p.m. ET on July 21. Settlement has been set for July 26.
Topaz is holding the offer as part of its liquidity management and to improve its cost of debt through a refinancing, in which the company expects to issue new dollar-denominated senior notes by way of a private placement, according to a company notice.
Any notes remaining after the tender offer will be redeemed using proceeds from the new notes.
Topaz issued a conditional call for any remaining notes to be redeemed on Aug. 11.
The notes will be redeemed at 104.3125% of par plus accrued interest to but excluding the redemption date, according to the contingent call notice.
The redemption will be contingent on the issue of new senior notes.
Citibank, NA, London Branch is the trustee, paying agent and security agent for the conditional call.
The tender offer also contains a financing condition.
For the tender, the dealer managers are Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com), HSBC Bank plc (+44 20 7992 6237 or LM_emea@hsbc.com) and Standard Chartered Bank (+44 20 7885 5739 or liability_management@sc.com).
The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or topaz@lucid-is.com).
Topaz Marine is an oilfield services company that provides marine solutions to the global energy industry.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.