Yinson Holdings Bhd shares fell 5 sen or 2.31 per cent to RM2.11 at 11.06am on Thursday, after the group announced the pricing of US$1.458 billion in senior secured notes to refinance debt related to its Agogo floating production, storage and offloading (FPSO) vessel.
The counter opened at RM2.15 and reached an intraday high of RM2.15 before easing to RM2.11, with 473,600 shares traded.
Yinson’s shares were last traded at RM2.11, compared with RM2.16 at Wednesday’s close.
Yinson Production priced the 144A/RegS notes through Yinson Azalea Production Pte Ltd at 98.164 per cent of principal, carrying a fixed coupon of 6.517 per cent per annum and a scheduled maturity of 13.3 years.
The notes are expected to settle on Oct 21, subject to customary closing conditions.
Proceeds will primarily be used to refinance outstanding debt related to the Agogo FPSO, which is leased to Azule Energy Angola S.p.A. and deployed at Block 15/06 offshore Angola.
The FPSO operates under a 15-year firm bareboat charter with extension options of up to five years.
The proceeds will also fund reserve accounts, transaction fees and expenses, with any excess available for equity distributions.
The notes have received expected ratings of BBB+ from Fitch and Baa2 from Moody’s.
