Yinson Production is pleased to announce the successful placement of the USD 1.168 billion 144A/Reg S senior secured notes issued by Yinson Bergenia Production B.V. The issuer owns the floating production, storage and offloading vessel FPSO Maria Quitéria, which is operating under a 22.5-year lease and operate contract with Petrobras in the Jubarte field, offshore Brazil.

The notes are fully amortizing 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 for distributions to Yinson Production as shareholder of the issuer. The notes are expected to settle on 7 July 2025 and will subsequently be listed on the London Stock Exchange’s International Securities Market with 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.

Citigroup and J.P. Morgan acted as Global Coordinators for the offering. HSBC, ING, Santander and Standard Chartered Bank acted as Joint Bookrunners, and Bladex, MUFG, Natixis, Ramirez & Co., Inc and Société Générale Corporate & Investment Banking acted as Co-Managers. Norton Rose Fulbright and Clifford Chance were the legal advisors to the issuer and the initial purchasers, respectively.

Markus Wenker, Chief Financial Officer, commented, “The successful placement of this project bond marks another key milestone in our journey in the international capital markets and sets a new benchmark in the industry – being the largest and longest-dated FPSO project bond ever issued. The exceptionally high demand is a strong endorsement of our platform, our strategy, and the strength of the underlying project and reflects the investor community’s growing appetite for this asset class. 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.”