Renaissance Services concludes US$100 million of fundingCompany News // September 22, 2010
Renaissance Services says it recently signed a term loan facility with BankMuscat for Rial 19.25 million (US$50 million), to support the company’s growth investment plans, primarily in the development of its offshore support vessel (OSV) fleet.
The facility with BankMuscat is the final tranche of a total Rial 38.5 million (US$100 million) term loan funding announced by Renaissance last month.
AbdulRazak Ali Issa, Chief Executive of BankMuscat, said: “We are delighted to further strengthen our mutually rewarding relationship with Renaissance Services and remain committed to supporting business opportunities in Oman. We are impressed with Renaissance’s achievements and look forward to a long and fruitful relationship with the group.”
BankMuscat is the leading financial services provider in Oman and this year achieved the distinction of becoming the only corporate entity from the sultanate to be listed in ‘The Forbes Global 2000’ featuring the largest traded companies of the world.
Stephen Thomas, CEO of Renaissance said: “Renaissance drives growth through a disciplined approach to investment and a prudent approach to financing. Our balance sheet is strong. We are sustained by strong cash flows and rigorous management of our gearing ratio. The company has a policy to match loans against long-term assets with guaranteed revenues. This new facility with BankMuscat is a crucial part of our current investment plans.”
Renaissance is implementing its plan to invest Rial 522 million (US$1.36 billion) over the next three years in assets corresponding to its growth areas, and has invested over Rial 57 million (US$150 million) in the past nine months, primarily in its OSV services.