Yinson prices US$1.458 billion bond offering to refinance Agogo FPSO
The senior secured notes are expected to settle on Oct 21, 2026, with a fixed annual coupon of 6.517 per cent.
Yinson Production has priced a bond offering worth US$1.458 billion (US$1=RM4.08) to refinance the Agogo floating production, storage and offloading (FPSO) vessel off Angola. The company handles offshore production for Yinson Holdings Bhd.
According to Yinson Production, Yinson Azalea Production Pte Ltd is issuing the bonds as senior secured notes, with settlement expected on Oct 21, 2026. Their scheduled maturity is 13.3 years and they are fully amortising. Pricing was set at 98.164 per cent of principal, while the fixed coupon, payable semi-annually, is 6.517 per cent per annum.
The company said proceeds will refinance outstanding Agogo FPSO debt and cover transaction fees and expenses. They will also fund required reserve accounts, unless a reserve account facility provides the funding, and support equity distributions using excess proceeds.
Yinson Production described the offering as the largest FPSO project bond so far and the first outside Brazil. Chief financial officer Markus Wenker said it was the company's third FPSO project bond in three years and had received strong institutional investor support.
