Yinson seals US$800m deal with 13 local, global banks

  • Energy
  • Tuesday, 19 Nov 2019

The FPSO John Agyekum Kufuor is chartered to Eni Ghana Exploration & Production Ltd., a unit of Eni S.p.A.

KUALA LUMPUR: Yinson Holdings Bhd recently sealed a US$800mil refinancing agreement with 13 local and global banks to refinance its vessel.

The oil and gas services company said on Tuesday the vessel, FPSO John Agyekum Kufuor, was operating in the OCTP Block, offshore Ghana.

The FPSO John Agyekum Kufuor is chartered to Eni Ghana Exploration & Production Ltd., a unit of Eni S.p.A., an Italian multinational energy company that has a long-term credit rating of A- by Fitch.

“The refinancing allows Yinson to enjoy lower interest rates whilst freeing up capital to be invested in future projects, ” it said.

Yinson group chief strategy officer Daniel Bong said the deal was oversubscribed by over 45%, reflecting the strong support the company was receiving from the financial community.

"This deal is an innovative capital velocity exercise that we believe will further improve the returns of the project. The fact that this deal is oversubscribed speaks of the confidence that the banking market has in Yinson, to maintain high uptime and the quality of our asset for the next 12 years," he said.

The refinancing agreement was signed by Yinson Production (West Africa) Pte Ltd, a subsidiary of Yinson, with CIMB Bank Bhd, Clifford Capital Pte. Ltd, Crédit Industriel et Commercial, DBS Bank Ltd, Korea Development Bank and Maybank Investment Bank Bhd.

The other banks included MUFG Bank, Ltd, Natixis, Singapore branch, Oversea-Chinese Banking Corporation Ltd, Societe Generale, London branch, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank (Singapore) Ltd and United Overseas Bank Ltd.

Yinson's core business is providing floating production, storage and offloading (FPSO) facilities and services.

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