Topaz Energy and Marine, a unit of Oman's Renaissance Services RSC.OM, has signed the first phase of a $330 million refinancing loan agreement with banks, its parent said in a statement to the bourse on Sunday.
United Arab Emirates - based Topaz, appointed banks in November to lead a refinancing initiative, after it was hit by a $2.9 million fraud scandal, and forced to pull a London listing amid valuation concerns and regional unrest.
The first phase of the refinancing plan totals $203 million and was arranged and financed by Standard Chartered (STAN.L), DVB Bank (DVBG.F) and First Gulf Bank FGB.AD, the statement said.
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