Latest news with #MarkusWenker
New Straits Times
01-07-2025
- Business
- New Straits Times
Yinson unit issues US$1.16bil project bond to refinance FPSO vessel
KUALA LUMPUR: Yinson Holdings Bhd's subsidiary Yinson Production has successfully placed a US$1.168 billion (US$1= RM4.20) project bond to refinance the floating production, storage and offloading (FPSO) vessel Maria Quitéria. Yinson Production is a global energy infrastructure and technology company active in offshore energy. In a statement today, Yinson Production said the notes were issued by its subsidiary Yinson Bergenia Production BV, the owner of the FPSO, which is operating under a 22.5-year lease and operate contract with Petrobras in the Jubarte field, offshore Brazil. "The notes are fully amortising with a final maturity of 19.6 years and were priced at a fixed coupon of 8.498 per cent, payable semi-annually. "The proceeds from the transaction will be used to refinance the existing outstanding debt related to the FPSO, fund reserve accounts as required under the new bond issue (unless funded by letters of credit), pay for transaction related fees and expenses, and for distributions to Yinson Production as shareholder of the issuer," it said. It said that the notes are expected to settle on July 7, 2025 and will subsequently be listed on the London Stock Exchange's International Securities Market. Yinson Production chief financial officer Markus Wenker said it is the largest and longest-dated FPSO project bond ever issued. "With this bond issue, we further strengthen Yinson Production's capital structure and create long-term value, while offering noteholders exposure to a high-quality asset with robust downside protections and an uncapped investment grade structure," he said. Credit rating agencies Moody's and Fitch have assigned the notes credit ratings of Ba1 and BB+ respectively, reflecting the FPSO's strong credit fundamentals and its strategic importance to Petrobras. Citigroup and JP Morgan acted as global coordinators for the offering, while HSBC, ING, Santander and Standard Chartered Bank served as joint bookrunners. -- BERNAMA
New Straits Times
17-06-2025
- Business
- New Straits Times
Yinson secures US$1bil investment from Global Consortium
KUALA LUMPUR: Yinson Production has closed its US$1 billion investment from a consortium comprising a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) as well as funds managed by British Columbia Investment Management Corp. (BCI) and RRJ Group (RRJ). In a statement, Yinson Production said the successful closing of the transaction follows the signing of a definitive agreement on January 14, 2025, and satisfaction of the closing conditions. "This includes regulatory approvals and approval by the shareholders of Yinson Holdings Bhd," it said. The investment is made through the issuance of US$ 1 billion of redeemable convertible preferred shares (RCPS) and warrants by Yinson Production Offshore Holdings Ltd, a newly established UK-based holding company. The agreement provides for the option to issue additional RCPS of up to US$ 500 million within 24 months from closing, subject to agreement. Upon closing, the investors funded the first tranche of US$ 300 million, of which USD 200 million has been used for a special distribution to Yinson. The remaining US$ 700 million of committed RCPS will be called in up to three instalments by December 2026. Yinson Production chief financial officer Markus Wenker said this investment not only reflects the quality of its business with highly visible cash flows and significant revenue backlog but also underscores the confidence in Yinson Production's long-term growth potential. "By further strengthening our financial foundation, this transaction positions us well to pursue new opportunities in a rapidly evolving offshore energy landscape," added Wenker.
The Star
17-06-2025
- Business
- The Star
Yinson Production closes US$1bil investment from international consortium
KUALA LUMPUR: Yinson Production has closed a US$1bil investment from a consortium comprising a wholly-owned subsidiary of the Abu Dhabi Investment Authority (Adia), and funds managed by British Columbia Investment Management Corporation (BCI) and RRJ Group (RRJ). In a statement, Yinson Production said it had inked a definitive agreement on Jan 14, 2025, and satisfied the closing conditions, including regulatory approvals and approval by the shareholders of Yinson Holdings Bhd. The investment is made through the issuance of US$1bil of redeemable convertible preferred shares (RCPS) and warrants by Yinson Production Offshore Holdings Limited, a newly established UK-based holding company. The agreement provides for the option to issue additional RCPS of up to US$ 500mil within 24 months from closing, subject to agreement. Upon closing, the investors funded the first tranche of US$300mil, of which US$200mil has been used for a special distribution to Yinson. The remaining US$700mil of committed RCPS will be called in up to three installments by December 2026. 'We are delighted to have successfully closed this significant investment from leading global investors. This investment not only reflects the quality of our business with highly visible cash flows and significant revenue backlog, but underscores the confidence in Yinson Production's long-term growth potential. "By further strengthening our financial foundation, this transaction positions us well to pursue new opportunities in a rapidly evolving offshore energy landscape,' said Yinson Production chief financial officer Markus Wenker.
