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UAE’s Topaz says secures $550 mln loan to refinance debt, expand

HSBC, Emirates NBD, Noor Bank, Gulf International Bank and First Gulf Bank were lead arrangers on the deal

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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.