YINSON RAISES US$800 MLN FOR FPSO JOHN AGYEKUM KUFUOR
KUALA LUMPUR, Nov 19 -- Yinson Holdings Bhd recently sealed a US$800 million refinancing agreement with 13 local and global banks to refinance floating production storage and offloading (FPSO) vessel, John Agyekum Kufuor.
Yinson’s FPSO John Agyekum Kufuor is currently operating in OCTP Block, offshore Ghana and chartered to Eni Ghana Exploration & Production Ltd, a wholly-owned subsidiary of Eni S.p.A., an Italian multinational energy company that has a long-term credit rating of A- by Fitch.
The refinancing would allow Yinson to enjoy lower interest rates whilst freeing up capital to be invested in future projects.
Among local and global banks involved in the agreement were CIMB Bank Bhd, Maybank Investment Bank Bhd, Clifford Capital Pte Ltd and DBS Bank Ltd.
Yinson's group chief strategy officer Daniel Bong said that the deal was oversubscribed by over 45 per cent, an indication of the strong support 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.
-- BERNAMA
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