London Stock Exchange celebrates Yinson Production's USD 1.168 billion bond issue for FPSO Maria Quitéria
Yinson Production is a leading independent owner and operator of floating, production, storage and offloading ("FPSO") vessels worldwide. With a current fleet of 11 vessels, Yinson Production has an orderbook of more than USD 19 billion until 2050 and global presence in 11 countries. Yinson Production’s position as a top tier FPSO contractor is driven by our excellent track record in project execution, industry-leading safety and uptime performance, and a leadership position in sustainable FPSO designs. Our innovative Zero Emissions FPSO Concept is paving the way for the decarbonisation of the FPSO industry.
Yinson Production has successfully finalised the placement of USD 1.168 billion 144A/Reg S senior secured notes issued by Yinson Bergenia Production B.V. The issuer owns the floating production, storage and offloading vessel FPSO Maria Quitéria, which is operating under a 22.5-year lease and operate contract with Petrobras in the Jubarte field, offshore Brazil. 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 notes have been listed on the London Stock Exchange’s International Securities Market with Bloomberg ticker symbol YPMQBR. Moody’s and Fitch have assigned credit ratings of Ba1 and BB+, respectively, to the notes, reflecting the strong credit fundamentals of FPSO Maria Quitéria and the strategic importance of the FPSO to Petrobras. Last year, Yinson Production successfully placed USD 1.035 billion 144A/Reg S senior secured notes to finance FPSO Anna Nery, also chartered to Petrobras under a long term contract. These notes are also listed on London Stock Exchange's International Securities Market with Bloomberg ticker symbol YPANBR. London Stock Exchange provides Yinson Production the platform to execute its finance strategy using the capital markets.
“The successful placement of this project bond marks another key milestone in our journey in the international capital markets and sets a new benchmark in the industry – being the largest and longest-dated FPSO project bond ever issued. The exceptionally high demand (the issue was four times oversubscribed) is a strong endorsement of our platform, our strategy, and the strength of the underlying project and reflects the investor community’s growing appetite for this asset class. With this bond issue, we further strengthen Yinson Production’s capital structure and create long-term value, while offering noteholders exposure to a high-quality asset with robust downside protections and an uncapped investment grade structure.”
Markus Wenker
Chief Financial Officer of Yinson Production
