Moody’s assigns Guara Norte notes Ba1

Moody’s Investors Service said it gave a first-time Ba1 rating to Guara Norte Sarl’s planned $850 million of senior secured notes. The notes will have a 13.5-year term and will amortize in full, with a final maturity in June 2034.

Guara Norte is a special purpose company and owns the floating production storage and offloading unit Cidade de Ilhabela. The issuer is owned by SBM FPS Holding SA and Mitsubishi Corp. “The vessel has been specifically designed and built to fit the characteristics of the Sapinhoa oil field (previously named Guara) in Brazil (government of Brazil, Ba2 stable), and is chartered to Petroleo Brasileiro S.A. - Petrobras (Ba2 stable) as the operator of the oil field and leader of the consortium with 45% ownership, until 2036,” the agency said in a press release.

Proceeds will be used to repay about $535 million in debt, with the remaining proceeds being made available to the shareholders.

The outlook is stable.

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