Singapore-based Yinson Production has announced a successful pricing of $1.035bn in senior secured notes issued by Yinson Boronia Production, the owner and operator of the FPSO Anna Nery. The unit will work for Petrobras under a 25-year contract in the Marlim field offshore Brazil. Yinson Production holds 75% while Sumitomo holds the remaining 25% of the shares in the issuer. The Singapore-based unit of the Malaysian Yinson Group said that the notes have a maturity of 18.2 years and were priced at a fixed coupon of 8.947%, payable semi-annually starting on July 31, 2024. The proceeds of the notes are used to, among other uses, refinance the existing outstanding debt of FPSO Anna Nery maturing in 2026, unwind hedge arrangements, fund reserve accounts as applicable, pay for transaction-related fees and expenses, and distributions to Yinson Production and Sumitomo as shareholders of the issuer. Payment and settlement for the notes will take place on June 4 and the notes will be listed on the London Stock Exchange’s International Securities Market under the ticker symbol 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,” Said Markus Wenker, CFO of Yinson Production. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsBrazil Singapore