Yinson Azalea Production Pte. Ltd., a subsidiary of Yinson Production, has priced USD 1.458 billion in 144A/RegS senior secured notes backed by the Agogo FPSO. The vessel, which the issuer owns, operates in block 15/06 offshore Angola and is leased to Azule Energy Angola S.p.A. under a 15-year firm bareboat charter, with extension options for up to five years.

The company describes the Agogo FPSO as one of the industry's most advanced floating production, storage and offloading vessels.

The pricing was announced in Singapore on 7 October 2026, and Yinson Production bills the deal as the largest FPSO project bond to date.

Coupon, Maturity and Use of Proceeds

The notes are fully amortizing with a scheduled maturity of 13.3 years. They carry a fixed coupon of 6.517% per annum, payable semi-annually, and were priced at 98.164% of their principal amount. Settlement is expected on 21 October 2026.

Proceeds will be applied to, amongst other things, refinancing existing outstanding debt tied to the Agogo FPSO, funding reserve accounts required under the new bond issue unless covered by a reserve account facility, paying transaction-related fees and expenses, and equity distributions from excess proceeds.

An application has been made for admission to trading on the London Stock Exchange's International Securities Market, where the notes will trade under the Bloomberg ticker symbol YPAGAO.

Rating Agencies Point to Credit Fundamentals

Fitch has assigned an expected rating of BBB+ to the notes, while Moody's has assigned Baa2. Both are investment-grade. According to the announcement, these ratings reflect the strong credit fundamentals of the Agogo FPSO, its strategic importance to the charterer, and the critical role FPSOs play in the offshore oil and gas value chain more broadly.

Banks and Advisers on the Deal

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 served as Global Coordinators and Joint Bookrunners.

First Abu Dhabi Bank PJSC, MUFG Securities Asia Limited, Singapore Branch, and Samuel A. Ramirez & Co., Inc. acted as Co-Managers.

On the legal side, Skadden, Arps, Slate, Meagher & Flom LLP advised the issuer, while Gibson, Dunn & Crutcher LLP and Clifford Chance LLP advised the initial purchasers.

Management Frames Deal as an Asset-Class First

Markus Wenker, Chief Financial Officer of Yinson Production, said the company was very pleased with the strong institutional investor support for the offering. He noted it is the company's third FPSO project bond in three years and sets a new benchmark as the largest FPSO project bond to date. Wenker also pointed out that the deal is the first FPSO project bond outside Brazil, which he characterised as an important milestone for the asset class as a whole.

According to him, this broadens and diversifies the investable universe for investors looking for infrastructure exposure backed by highly visible cash flows and strong counterparties.

He added that 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.