Yinson Production, a Singapore-based company, has registered $1.458 billion in financing for the FPSO Agogo project. This shipment is recognized as the largest FPSO project to date and the first of its kind outside Brazil.
Details of the Shipment and Its Use
Yinson Azalea Production, the owner of FPSO Agogo, is issuing these securities primarily to repay previous debts related to the vessel. These securities have a maturity of 13.3 years and a fixed interest rate of 6.517 percent per annum, payable semi-annually. The securities are priced at 98.164 percent of the face value and are expected to settle by October 21.
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Part of the proceeds from this shipment will also be used to fund reserve accounts, transaction costs, and potential distributions from excess proceeds.
FPSO Agogo Operations and Lease Agreement
FPSO Agogo is leased to Azule Energy Angola and operates in block 15/06 off the coast of Angola under a 15-year lease agreement with options to extend the contract for an additional five years.
Marcus Wanger, CFO of Yinson, stated that this deal marks the third FPSO bond project for the company in the last three years. The company noted that this agreement expands the investor base for FPSO-backed infrastructure debt and represents access to long-term investments for leasing and operational projects.
A request for trading these securities has been submitted to the international securities market of the London Stock Exchange under the Bloomberg symbol YPAGAO.
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