[Ghana] Yinson raises USD800m through refinancing deal for FPSO John Agyekum Kufuor
21-11-2019 07:26:00 | by: Pie Kamau | hits: 2525 | Tags:

Yinson has sealed a USD800 million refinancing agreement with 13 local and global banks to refinance FPSO John Agyekum Kufuor, Yinson's vessel which is currently operating in OCTP Block, offshore Ghana.

The FPSO John Agyekum Kufuor is chartered to Eni Ghana Exploration & Production Ltd., a wholly-owned subsidiary of Eni SpA, an Italian multinational energy company that has a long-term credit rating or A-by Fitch.

The refinancing allows Yinson to enjoy lower interest rates while freeing up capital to be invested in future projects. The refinancing agreement was signed by Yinson Production West Africa Pte Ltd ("YPWAPL"), a subsidiary of Yinson, and the following participating banks:

CIMB BANK BERHAD

CLIFFORD CAPITAL PTE. LTD.

CRÉDIT INDUSTRIAL AND COMMERCIAL

DBS BANK LTD.

KOREA DEVELOPMENT BANK

MAYBANK INVESTMENT BANK BERHAD

MUFG BANK, LTD.

NATIXIS, SINGAPORE BRANCH

OVERSEA-CHINESE BANKING CORPORATION LIMITED

SOCIETE GENERALE, LONDON BRANCH

SUMITOMO MITSUI BANKING CORPORATION

STANDARD CHARTERED BANK (SINGAPORE) LIMITED

UNITED OVERSEAS BANK LIMITED

Yinson Group Chief Strategy Officer Daniel Bong said 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 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.

www.yinson.com