YINSON HOLDINGS BERHAD completed a USD800 million refinancing exercise for FPSO John Agyekum Kufuor (JAK), with the loan successfully drawn down on 14 April. The project kicked off five months ago in November 2019 when 13 local and international banks, 7 of which are new to Yinson, signed the refinancing agreement. The tenure of the loan is 12 years.
The following banks participated in the refinancing exercise:
CIMB BANK BERHAD
CLIFFORD CAPITAL PTE. LTD.
CRÉDIT INDUSTRIEL ET COMMERCIAL
DBS BANK LTD.
KOREA DEVELOPMENT BANK
MAYBANK INVESTMENT BANK BERHAD
MUFG BANK, LTD.
NATIXIS, SINGAPORE BRANCH
OVERSEA-CHINESE BANKING CORPORATION LIMITED
SOCIETE GENERALE, LONDON BRANCH
SUMITOMO MITSUI BANKING CORPORATION
STANDARD CHARTERED BANK (SINGAPORE) LIMITED
UNITED OVERSEAS BANK LIMITED
FPSO JAK is a joint venture project, with a 26% stake being held by a Japanese consortium comprising of Sumitomo Corporation, Kawasaki Kisen Kaisha Ltd (K Line), JGC Holdings Corporation and Development Bank of Japan.
FPSO JAK is currently operating in OCTP Block, offshore Ghana and is chartered to Eni Ghana Exploration & Production Ltd., a wholly owned subsidiary of Eni S.p.A., an Italian multinational energy company that has a long-term credit rating of A- by Fitch.
Yinson Group Chief Strategy Officer Daniel Bong said that the deal was able to be completed only because of the close relationships that had been forged between all participating banks, joint venture partners and the client, particularly given the present turbulent environment.
“It was definitely not the most straightforward process, as movement control is being imposed in many countries due to the Covid-19 situation. However, we collectively managed to overcome this hurdle despite all odds, achieving the objectives of all parties. I would like to personally thank our client, our joint venture partners and the banking group for their unwavering support shown for this transaction, and I look forward to continued collaboration in future projects,” he said.