Dubai-based oilfield services firm Topaz Energy and Marine has secured a $550 million conventional and Islamic multi-tranche loan, intended to help lower its finance costs and fund growth plans, it said on Thursday.

Reuters reported on April 27 that the company, an arm of Oman's Renaissance Services, was close to securing the funding.

Standard Chartered, HSBC, Emirates NBD, Noor Bank, Gulf International Bank and First Gulf Bank were lead arrangers on the deal, according to a company statement.

The loan consisted of three portions lasting between five and seven years.

The first is a conventional and Islamic secured seven-year tranche of $350 million, to be used primarily to repay existing debt. It would extend the maturity of Topaz's debt over the next seven years from its previous four years, it said on Thursday.

The second, spanning five years, is a secured conventional and Islamic revolving credit facility of $100 million. The third is an unsecured conventional and Islamic loan of $100 million. The second two tranches will be used to fund growth plans, it said.

The secured tranches would be priced at 275 basis points over the London interbank offered rate (Libor), with the unsecured tranche at 375 basis points, a source close to the deal told Reuters.

Topaz has around 100 ships that support the offshore energy business in the Caspian Sea, the Middle East and West Africa, among other areas. The company was considering buying two medium-sized vessels designed for subsea work, to be delivered in late 2016, chief executive Rene Kofod-Olsen told Reuters in November. - Reuters