Yinson Production has successfully priced US$1.458 billion in senior secured notes through Yinson Azalea Production Pte Ltd, with proceeds earmarked primarily to refinance existing debt related to the Agogo FPSO operating offshore Angola.
The 144A/RegS notes are fully amortising and carry a scheduled maturity of 13.3 years. They were priced at 98.164% of principal with a fixed coupon of 6.517% per annum, payable semi-annually.
The notes are expected to settle on Oct 21, 2026, subject to customary closing conditions.
Yinson Azalea Production owns the Agogo floating production, storage and offloading vessel, which is leased to Azule Energy Angola S.p.A. and deployed at Block 15/06 offshore Angola.
The FPSO is operating under a 15-year firm bareboat charter, with extension options of up to another five years.
Yinson Production said proceeds from the bond issue will be used to refinance outstanding Agogo FPSO debt, fund required reserve accounts, pay transaction-related fees and expenses, and make equity distributions from any excess proceeds.
An application has also been made for the notes to be admitted to trading on the London Stock Exchange’s International Securities Market under the Bloomberg ticker YPAGAO.
Fitch has assigned the notes an expected rating of BBB+, while Moody’s has assigned an expected Baa2 rating.
Yinson said the ratings reflect the Agogo FPSO’s credit fundamentals, its strategic importance to the charterer and the critical role FPSOs play in the offshore oil and gas value chain.
Citigroup Global Markets Singapore, HSBC Singapore, J.P. Morgan Securities Asia and Banco Santander Singapore acted as global coordinators and joint bookrunners for the offering, while First Abu Dhabi Bank, MUFG Securities Asia and Samuel A. Ramirez & Co acted as co-managers.
