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HFW advises Topaz Energy and Marine on US$550 million refinancing

A team of HFW finance lawyers, led by Partner Tien Tai, has advised Topaz Energy and Marine on a US$550m loan facility to refinance existing debt and to fund new projects, including the acquisition of new vessels and related businesses.

The facility includes a secured tranche, a revolving credit facility and an unsecured tranche and was structured on a conventional and Islamic basis. The financing is provided by a syndicate of banks, including Standard Chartered Bank, HSBC Bank, Emirates NBD, First Gulf Bank, Gulf International Bank and Noor Bank, with security granted over more than 40 ships. This was a significant and complex cross-border transaction involving more than 12 countries.

The Middle East-based HFW team included Partner Tien Tai, Associates Emma Cummings and Philippa English, along with additional support from Partner Ian Chung. Paul Jarvis from Dentons UAE acted for the financers on this transaction.

HFW Finance Partner Tien Tai remarked: "We are extremely pleased to have been selected by Topaz Energy and Marine to partner with them on their largest refinancing to date, which is designed to give them the flexibility to take their offshore business to the next level. This is one of the headline offshore transactions in the Middle East region this year and has attracted widespread interest from the banking community, many of whom have an interest in this strategically important sector."

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