Yinson Production successfully priced largest FPSO project bond to date, size USD 1.458 billion to refinance Agogo FPSO

Yinson Azalea Production Pte Ltd (LSE:YPAGAO)

SINGAPORE, SINGAPORE, October 7, 2026 /EINPresswire.com/ — Singapore, 7 October 2026 – Yinson Production is pleased to announce the successful pricing of USD 1.458 billion in 144A/RegS senior secured notes by Yinson Azalea Production Pte. Ltd. The issuer owns the Agogo FPSO, one of the industry’s most advanced floating production, storage and offloading (FPSO) vessels, which is leased to Azule Energy Angola S.p.A. and operates in block 15/06 offshore Angola under a 15-year firm (plus extension options for up to five years) bareboat charter.

The notes are fully amortizing with a scheduled maturity of 13.3 years and were priced at 98.164% of their principal amount with a fixed coupon of 6.517% p.a., payable semi-annually. The proceeds from the transaction will be used to, amongst other things, refinance the existing outstanding debt related to the Agogo FPSO, fund reserve accounts as required under the new bond issue (unless funded by a reserve account facility), pay for transaction-related fees and expenses, and for equity distributions from excess proceeds. The notes are expected to settle on 21 October 2026, and an application has been made for the notes to be admitted to trading on the London Stock Exchange’s International Securities Market with Bloomberg ticker symbol YPAGAO.

Fitch and Moody’s have assigned expected credit ratings of BBB+ and Baa2, respectively, to the notes, reflecting the strong credit fundamentals of the Agogo FPSO, its strategic importance to the charterer, and the critical role of FPSOs in the offshore oil and gas value chain more broadly.

Citigroup Global Markets Singapore Pte. Ltd., The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, J.P. Morgan Securities Asia Private Limited, and Banco Santander, S.A., Singapore Branch acted as Global Coordinators and Joint Bookrunners for the offering. First Abu Dhabi Bank PJSC, MUFG Securities Asia Limited, Singapore Branch and Samuel A. Ramirez & Co., Inc. acted as Co-Managers. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to the issuer, and Gibson, Dunn & Crutcher LLP and Clifford Chance LLP acted as legal advisors to the initial purchasers.

Markus Wenker, Yinson Production’s Chief Financial Officer, commented, “We are very pleased with the strong support from institutional investors for this offering, which is our third FPSO project bond in three years and sets a new benchmark as the largest FPSO project bond to date. It also represents an important milestone for the asset class as a whole, as this is the first FPSO project bond outside Brazil, broadening and diversifying the investable universe for investors seeking exposure to infrastructure assets backed by highly visible cash flows and strong counterparties. The transaction demonstrates the availability of long-term capital to the FPSO industry, reinforces the merits of the lease-and-operate model, and further strengthens Yinson Production’s capital structure.”

IMPORTANT INFORMATION

This announcement is for information purposes only and does not constitute or form part of an offer to sell, or the solicitation of an offer to buy or subscribe for, any securities in the United States or any other jurisdiction. The notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States or any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. No public offering of the notes is being made in the United States or in any other jurisdiction.

The notes are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any retail investor in the European Economic Area (the “EEA”) or the United Kingdom (the “UK”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended); or, in the case of the UK, a person who is one (or both) of: (a) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”); or (b) not a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) or by the PRIIPs Regulation as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the EEA or the UK has been prepared, and therefore offering or selling the notes or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPs Regulation or the UK PRIIPs Regulation.

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in Canada. The notes have not been and will not be qualified for distribution by prospectus under the securities laws of any province or territory of Canada and may not be offered or sold in Canada except pursuant to an exemption from the prospectus requirements of applicable Canadian securities laws.

Simon Barnasconi
Yinson Production
+31 6 41866552

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