UAE’s Topaz Says Secures $550m Loan To Refinance Debt, Expand

Dubai-based oilfield services firm Topaz Energy and Marine has secured a $550 million conventional and Islamic multi-tranche loan, it said on Thursday.

Standard Chartered, HSBC, Emirates NBD , Noor Bank, Gulf International Bank and First Gulf Bank were lead arrangers on the deal, according to a statement from the company.

The loan consisted of three portions lasting between five and seven years, with proceeds used to refinance existing debt and fund its expansion plans.