Dubai’s Topaz takes in tenders for $256.76 million of 8 5/8% notes

New York, July 24 – Topaz Energy and Marine Ltd. subsidiary Topaz Marine SA received valid tenders for $256,761,000 of its $350 million of 8 5/8% senior notes due 2018 by the expiration of its offer to purchase.

Settlement is planned for July 26, according to a company announcement.

Any notes not tendered will be redeemed on Aug. 11 at 104.3125% of par plus accrued interest to but excluding the redemption date.

Topaz began the tender on July 12, saying it was offering $1,044 per $1,000 principal amount plus accrued interest to but excluding the settlement date.

The tender offer ended at 5 p.m. ET on July 21.

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.

On July 19 the company priced $375 million of new five-year senior notes at par to yield 9 1/8%.

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.

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