By Marisa Wong
Los Angeles, April 19 – Yinson Production Offshore Pte. Ltd. announced it placed $500 million of senior secured bonds with a five-year tenor and a fixed coupon of 9 5/8% in the Nordic bond market.
This bond issue marks the debut of Yinson Production in the international capital markets, according to a Friday press release.
DNB Markets and Pareto Securities acted as joint bookrunners, and ABG Sundal Collier acted as joint lead manager.
Chief financial officer Markus Wenker commented in the release, “The bond issue received significant interest from the investor community and was substantially oversubscribed, reflecting the compelling investment proposition underpinned by our long-term contracts and highly visible cash flows as well as the attractive FPSO market environment.”
Proceeds from the bond issue will be used to refinance Yinson’s existing corporate loan and for general corporate purposes.
The company will apply to have the bonds listed on the Oslo exchange.
Yinson Production is a Singapore-based owner and operator of floating storage, production and offloading (FPSO) vessels worldwide. The issuer is a business of Yinson Holdings Bhd., a global energy infrastructure and technology company with headquarters in Malaysia.
| Issuer: | Yinson Production Offshore Pte. Ltd.
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| Amount: | $500 million
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| Issue: | Senior secured bonds
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| Maturity: | Five years
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| Bookrunners: | DNB Markets and Pareto Securities
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| Lead manager: | ABG Sundal Collier
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| Coupon: | 9 5/8%
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| Announcement date: | April 19
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| Listing: | Oslo
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