Yinson Production secures project bond to refinance FPSO Maria Quitéria

 

 

Singapore, 1 July 2025 –Yinson Production announced that it had successfully placed US$1.168 billion 144A/Reg S senior secured notes issued by its unit Yinson Bergenia Production B.V., which owns the floating production, storage, and offloading vessel FPSO Maria Quitéria.

The FPSO currently operates under a 22.5-year lease and an operating 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%, payable semi-annually. The proceeds from the transaction will be used to, inter alia, 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 distributions to Yinson Production as shareholder of the issuer. The notes are expected to settle on July 7, 2025, and will subsequently be listed on the London Stock Exchange’s International Securities Market with the Bloomberg ticker symbol YPMQBR.

Moody’s and Fitch have assigned credit ratings of Ba1 and BB+, respectively, to the notes, reflecting the strong credit fundamentals of FPSO Maria Quitéria and the strategic importance of the FPSO to Petrobras.

For more information about Yinson Production, please visit http://www.yinson-production.com