IFC buys Renaissance Services bonds

IFC buys Renaissance Services bonds

Published: March 24, 2013

Omani oil and gas services company raises US$30mn in private placement of convertible bonds.

Renaissance Services, an Omani oil and gas services company, has sold OMR11.5mn (US$30mn) of mandatory convertible bonds to the IFC, the private-sector-focused arm of the World Bank.

The bonds were issued by Tawoos Industrial Services Company, a Renaissance subsidiary. Renaissance Services placed OMR29.65mn of a OMR43.16mn programme last year. This deal places the remainder of the programme.

In a statement issued by Renaissance Services, Mouayed Makhlouf, the IFC's Middle East & North Africa director, said: “IFC is delighted to partner with Renaissance in its continued successful expansion outside the GCC into emerging markets where they have been creating jobs, raising local standards, and enhancing local service options for the oil and gas sectors.”