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UPDATE 1-Dubai's Topaz Marine to kick off roadshow for $375 mln bond issue
July 12, 2017 / 7:46 AM / a month ago

UPDATE 1-Dubai's Topaz Marine to kick off roadshow for $375 mln bond issue

(Adds banks, details)

DUBAI, July 12 (Reuters) - Dubai-based Topaz Marine said on Wednesday it will hold a roadshow over the next few days for a planned bond issue worth up to $375 million.

The company, which is the finance subsidiary of Topaz Energy and Marine, has mandated Goldman Sachs International, HSBC and Standard Chartered as global coordinators for the issue, and First Abu Dhabi Bank and Pareto Securities as co-managers, a document issued by one of the leading banks showed.

Topaz plans to present the sale of the senior bonds with five-year maturity to investors between July 12 and July 19, according to the document. It did not indicate where the roadshow would be held.

Topaz also announced a tender offer for its existing $350 million 8.625 percent senior notes due in 2018.

The proceeds from the new notes, which will be guaranteed on a senior unsecured basis by the company and some of its subsidiaries, will be used to repurchase Topaz Marine’s existing notes, to fund their redemption and to pay fees and expenses related to the transactions, the company said.

The tender offer, which is conditional on the issuance of the new senior notes, will expire on July 21. (Reporting by Davide Barbuscia; Editing by Susan Fenton)

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