Virtual event for bridge facility signing ceremony between Yinson and project partner, Sumitomo together with 7 local and international banks
KUALA LUMPUR: Yinson Holdings Bhd
and its project partner, Sumitomo Corporation, have entered into a US$400mil bridge loan financing agreement for the FPSO Anna Nery Project, a floating, production, storage and offloading (FPSO) vessel for the Marlim revitalization project in Brazil.
In a statement Friday, Yinson said the bridge loan was expected to be utilised from October 2020 to support the ongoing construction of FPSO Anna Nery whilst Yinson and Sumitomo continued to work on closing the long-term project financing package for the project.
Sumitomo has a 25% stake in the FPSO Anna Nery Project, which was awarded to Yinson by Petróleo Brasileiro S.A. (Petrobras) in October 2019.
Yinson group chief strategy officer Daniel Bong said that the deal was oversubscribed by the participating banks, which is a strong testament of their support of Yinson despite the challenging Covid-19 situation and the decline in oil price.
“The support that we have received for this deal is indeed a strong evidence of the confidence that the financial community has in Yinson notwithstanding the various hurdles exacerbated by the Covid-19 pandemic.
“We are immensely grateful to our partner, Sumitomo, the participating banks and our client, Petrobras for the unwavering support shown for this transaction. Through our close working relationship and collaboration, we have successfully achieved the objectives of all parties,” Bong said in the statement.
The bridge loan is supported by Export-import Bank Of Malaysia Bhd; Maybank Investment Bank Berhad & Maybank International Labuan Branch; Mizuho Bank Ltd, Labuan Branch; Natixis, Singapore Branch; Standard Chartered Bank (Singapore) Limited; Sumitomo Mitsui Banking Corporation, Singapore Branch; and The Hongkong And Shanghai Banking Corporation Limited.
