Yinson Production has secured a five-year corporate loan of up to $500m. The Singapore-based unit of the Malaysian Yinson Group said it plans to use the proceeds to refinance certain existing debt and for general corporate purposes, with a portion specifically designated to fund its green initiatives to reduce emissions and decarbonise the FPSO sector.
This is the first corporate loan raised by Yinson Production following the reorganisation and decentralisation of the Yinson Group. Natixis Corporate & Investment Banking acted as coordinator, mandated lead arranger and bookrunner, joined by Affin Bank Berhad, AmInvestment Bank Berhad, CIMB Islamic Bank Berhad, ING Bank, Singapore branch, and UOB.
Commenting on the successful closing of the facility, Yinson Production’s chief financial officer, Markus Wenker, said: “The corporate loan will help us unlock further growth in an attractive FPSO market environment and create value for our shareholders.”
Yinson entered the offshore oil and gas market through a joint venture to build two offshore production assets in Vietnam. The company transformed into a full-scale execution and service FPSO provider in 2014 through the acquisition of Fred. Olsen Production and the subsequent divestment of its non-oil and gas business segments. Today, Yinson Production has nine assets and a total orderbook of over $22bn until 2048.
