ABN AMRO structures US$ 17.9 million financing package for Topaz
ABN AMRO has announced that it had concluded structuring a term loan facility of USD 17.9 million for Topaz Energy and Marine Ltd, the Dubai-based oil & gas services’ company. The funding facility, which is backed by a leading European export credit guarantee institution, will assist Topaz in the acquisition of its latest offshore support vessel, the BUE Citadel.
“The loan facility was structured to offer flexibility and competitive pricing” said Colin Macdonald, Country Executive at ABN AMRO UAE. “The Bank is at the forefront of structured vessel financing and we are pleased to have concluded this transaction with one of the world’s leading marine vessel owners and operators.”
This agreement marks the second such transaction between Topaz and the bank. Mr. Anjan Mitra, Chief Executive Officer of Topaz said: “ABN AMRO’s capabilities and shipping industry knowledge stood out amongst its competitors and we are pleased to have successfully concluded this transaction in record time.”
The facility will fund the construction of the Norwegian-built modern 72-meter vessel which is expected to be completed in September 2006. This is the latest addition to the Topaz fleet of specialised offshore vessels and reinforces their position as one of the world’s top ten offshore fleet owners with operations in the Caspian, Arabian Gulf and S.E. Asia.
Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 880.8 bln (as at 31 December 2005). It has over 3,000 branches in more than 60 countries and territories, and has a staff of over 96,000 full-time equivalents worldwide. ABN AMRO is listed on Euronext and the New York Stock Exchange.