Oman’s Renaissance Services offers to purchase step-up notes at par

By Sarah Lizee

Olympia, Wash., Sept. 24 – Renaissance Services SAOG plans to purchase its $38.5 million step-up subordinated perpetual notes and 33,496,000 Omani real step-up subordinated perpetual notes at par, according to an announcement.

The notes were issued by subsidiary Renaissance International Ltd.

The company said that a majority of holders have communicated their consent to the proposed purchase.

Noteholders who have already provided their consent in writing, via letter or e-mail, are not required to respond again, and those consents have been recorded and accepted.

Remaining noteholders wishing to sell all of their notes must confirm their acceptance by giving written notice to the issuer (vishal@tawoos.com), the guarantor (vishal@tawoos.com) or the lead manager, National Bank of Oman (+968-98294958, +968-95486747 or ashishp@nbo.co.om) by close of business in Muscat on Sept. 26.

Holders will also receive accrued interest.

Settlement is expected for Oct. 1.

National Bank of Oman (+968-98294958, +968-95486747 or ashishp@nbo.co.om) is the lead manager.

The issuer provides services to the oil and gas industry.

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