Singapore-based floater owner and operator Yinson Production has announced a successful placement of $1.168bn in senior secured notes issued by Yinson Bergenia Production, the owner of the FPSO Maria Quitéria.
The FPSO is operating under a 22.5-year lease and operate contract with Petrobras in the Jubarte field, offshore Brazil.
The unit is installed at a water depth of 1,385 m and has a capacity of 100,000 barrels of oil a day and can process up to 5m cu m of gas.
The notes are fully amortising with a final maturity of 19.6 years and were priced at a fixed coupon of 8.498%, payable semi-annually.
The proceeds from the transaction will be used to refinance the existing outstanding debt related to the FPSO, fund reserve accounts as required under the new bond issue, pay for transaction-related fees and expenses, and for distributions to Yinson Production.
The notes are expected to settle on July 7, 2025, and will subsequently be listed on the London Stock Exchange’s International Securities Market.
“The successful placement of this project bond […] sets a new benchmark in the industry, being the largest and longest-dated FPSO project bond ever issued,” said Markus Wenker, Yinson Production’s CFO.
