KUALA LUMPUR: Yinson Holdings Bhd's indirect wholly-owned Netherlands-based subsidiary Yinson Bergenia Production BV (YBPBV), has secured a US$720 million syndicated loan facility.
The lenders are ING Bank NV, Malayan Banking Bhd, Natixis Corporate & Investment Banking, Standard Chartered Bank (Singapore) Ltd and United Overseas Bank Ltd, who will act as the lead arrangers, underwriters and bookrunners.
The agreement was also signed by the Hongkong and Shanghai Banking Corporation Ltd and JP Morgan which are participating as mandated lead arrangers.
The six-year limited recourse loan will be used to support the ongoing construction of FPSO Maria Quitéria, a floating, production, storage and offloading (FPSO) project awarded to Yinson by Petróleo Brasileiro SA (Petrobras) in November 2021.
Yinson group chief strategy officer Daniel Bong said the deal was a testament of the robustness of the company's business strategy.
"The FPSO financing space has been very competitive, as many postponed oil and gas developments have resumed post-pandemic and investor appetites have evolved with energy transition agendas.
"Thus, the success of this deal is remarkable, assuring us that our robust business model and proven capabilities have earned the confidence of our stakeholders," he said in a statement today.
Bong said Yinson's long-standing strong relationships with its relationship banks were instrumental to this success.
"We have worked hard to build an environment of trust and honest communication to help our investor community understand our business better and appreciate our resilience. These relationships are highly valued, and the key to the success of our capital raising initiatives over the years," he added.
Yinson offshore production chief executive officer Flemming Grønnegaard said the project team's excellent track record of asset delivery, safety and operations was crucial in cementing the support of the banks for the facility.
"This is the second asset that we are delivering for Petrobras.
"The first asset has been able to meet the project schedule thus far and is on track for first oil in early 2023, despite the significant challenges brought about by the pandemic.
"On top of that, thanks to the continuing efforts of our projects team and support from our client, financiers, contractors and subcontractors, the construction of FPSO Maria Quitéria is progressing according to schedule," he said.
FPSO Maria Quitéria is destined for the Jubarte field for the Parque das Baleias Integrated Project, located in the northern part of the Campos Basin (offshore Brazil).