TSMP Advised Yinson Production on Record US$1.458 Billion FPSO Project Bond
Features June Ho, Heather Chong Si-Ying
TSMP is pleased to have acted as Singapore counsel to Yinson Azalea Production Pte. Ltd., a subsidiary of Yinson Production, on a landmark US$1.458 billion senior secured bond offering (144A/RegS) to refinance its Agogo floating production, storage and offloading (FPSO) vessel.
Operating offshore Angola, the Agogo FPSO is a specialised vessel that processes and stores oil extracted at sea before transferring it for transportation. It is chartered to Azule Energy Angola S.p.A. under a 15-year agreement.
Proceeds of the bond offering were used to refinance existing debt on the vessel.
Rated BBB+ by Fitch and Baa2 by Moody’s, the transaction marks two significant milestones, according to Yinson Production:
- The largest FPSO project bond issued to date.
- The first FPSO project bond issued for a project outside Brazil.
TSMP worked alongside international law firms Skadden, Arps, Slate, Meagher & Flom (UK) LLP, which advised on US and English law, and PRIME – Sociedade de Advogados, RL, which advised on Angolan law. Our team was led by Partner June Ho and supported by Associate Director Heather Chong and Senior Associate Markus Low.