Malaysian FPSO provider Yinson has struck an $800 million refinancing deal with 13 banks.
Yinson said Tuesday the agreement was reached with both global and local banks to refinance its FPSO John Ayekum Kufuor. The FPSO is currently operating in OCTP Block, offshore Ghana, chartered by Italy’s Eni.
“The refinancing allows Yinson to enjoy lower interest rates whilst freeing up capital to be invested in future projects,” Yinson said.
Yinson signed the refinancing agreement with the following banks: CIMB Bank, Clifford Capital, Crédit Industriel et Commercial, DBS Bank, Korea Development Bank, Maybank Investment Bank, MUFG Bank, Natixis, Oversea-Chinese Banking Corporation, Societe Generale, Sumitomo Mitsui Banking Corporation, Standard Chartered, United Overseas Bank.
Yinson Group Chief Strategy Officer Daniel Bong said that the deal was oversubscribed by over 45% – an indication of the strong support Yinson 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.
SOURCE: OFFSHORE ENERGY TODAY