Singapore-based Yinson Manufacturing has introduced a a hit pricing of $1.035bn in senior fix notes issued through Yinson Boronia Manufacturing, the landlord and operator of the FPSO Anna Nery.
The unit will paintings for Petrobras underneath a 25-year word within the Marlim garden offshore Brazil. Yinson Manufacturing holds 75% moment Sumitomo holds the residue 25% of the stocks within the issuer.
The Singapore-based unit of the Malaysian Yinson Workforce mentioned that the notes have a adulthood of 18.2 years and had been priced at a hard and fast coupon of 8.947%, payable semi-annually origination on July 31, 2024.
The proceeds of the notes are old to, amongst alternative makes use of, refinance the present remarkable debt of FPSO Anna Nery maturing in 2026, unwind hedge preparations, capitaltreasury retain accounts as appropriate, pay for transaction-related charges and bills, and distributions to Yinson Manufacturing and Sumitomo as shareholders of the issuer.
Cost and agreement for the notes will shoot playground on June 4 and the notes shall be indexed at the London Accumulation Trade’s Global Securities Marketplace underneath the ticker image YPANBR.
“The refinancing of FPSO Anna Nery is another step in diversifying our funding base and optimising our capital structure to support further growth and drive long-term value for Yinson Production. At the same time, investors in the notes enjoy upside potential through the uncapped investment grade structure of the notes, whilst the strong credit fundamentals of FPSO Anna Nery provide downside protection,” Stated Markus Wenker, CFO of Yinson Manufacturing.