Dubai-based shipowner Topaz Energy & Marine is pushing ahead to issue $375m in notes to replace those coming due next year.

Topaz also launched a tender offer to repurchase all of its 8.625% senior notes and the deadline expires today.

The existing $350m in notes are due in November 2018, with the new bond due in 2022.

Bond co-ordinators have indicated expectations for a pricing range of between 9.25%