SBM Offshore completes US$600 million bridge loan for FPSO Sepetiba
July 01 2020 - 1:30AM
SBM Offshore completes US$600 million bridge loan for FPSO Sepetiba
July 1, 2020
SBM Offshore is pleased to announce the closure
of a US$600 million bridge loan facility for the financing of the
construction of FPSO Sepetiba.
The facility was secured by the special purpose
company owning FPSO Sepetiba and was agreed with a consortium of
four international banks. SBM Offshore is majority owner of this
special purpose company (with 64.5% equity ownership), together
with Mitsubishi Corporation (20%) and Nippon Yusen Kabushiki Kaisha
(15.5%).
The facility will be drawn in July 2020 to
finance the ongoing construction of the FPSO Sepetiba. The tenor of
the bridge loan is six months with an extension option for another
six months. The facility benefits from sponsor guarantees, which
are to be released upon repayment. Repayment is expected to take
place upon closure and first drawdown of the project loan which
continues to progress. The facility’s weighted average interest
margin is in line with the expected margin of SBM Offshore’s
existing US$1 billion revolving credit facility for the second half
of 2020.
Bert-Jaap Dijkstra, Group Treasurer of SBM
Offshore, commented:
“The successful closure of this bridge facility
demonstrates the robustness of our financing model as well as the
strength of SBM Offshore’s long-standing relationships with our
banks. As the facility is arranged at the level of the special
purpose vehicle, it represents a financing tool which enables SBM
Offshore and partners to optimize the financing of major projects.
Further, this bridge facility improves SBM Offshore’s liquidity
position at a competitive rate.”
Corporate Profile
The Company’s main activities are the design,
supply, installation, operation and the life extension of floating
production solutions for the offshore energy industry over the full
lifecycle. The Company is market leading in leased floating
production systems, with multiple units currently in operation.
As of December 31, 2019, the Company employs
approximately 4,450 people worldwide spread over offices in our key
markets, operational shore bases and the offshore fleet of
vessels.
SBM Offshore N.V. is a listed holding company
headquartered in Amsterdam, the Netherlands. It holds direct and
indirect interests in other companies.
Where references are made to SBM Offshore N.V.
and /or its subsidiaries in general, or where no useful purpose is
served by identifying the particular company or companies “SBM
Offshore” or “the Company” are sometimes used for convenience.
For further information, please visit our
website at www.sbmoffshore.com.
The Management BoardAmsterdam, the Netherlands,
July 1, 2020
Financial Calendar |
Date |
Year |
Half Year 2020 Earnings – Press Release |
August 6 |
2020 |
Trading Update 3Q 2020 – Press Release |
November 12 |
2020 |
Full Year 2020 Earnings – Press Release |
February 11 |
2021 |
Annual General Meeting of Shareholders |
April 7 |
2021 |
Trading Update 1Q 2021 – Press Release |
May 12 |
2021 |
For further information, please contact:
Investor RelationsBert-Jaap
DijkstraGroup Treasurer and IR
Telephone: |
+31 (0) 20 236 3222 |
Mobile: |
+31 (0) 6 21 14 10 17 |
E-mail: |
bertjaap.dijkstra@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Media RelationsVincent
KempkesGroup Communications Director
Telephone: |
+31 (0) 20 236 3170 |
Mobile: |
+31 (0) 6 25 68 71 67 |
E-mail: |
vincent.kempkes@sbmoffshore.com |
Website: |
www.sbmoffshore.com |
Disclaimer
This press release contains inside information
within the meaning of Article 7(1) of the EU Market Abuse
Regulation. Some of the statements contained in this release that
are not historical facts are statements of future expectations and
other forward-looking statements based on management’s current
views and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance, or
events to differ materially from those in such statements. Such
forward-looking statements are subject to various risks and
uncertainties, which may cause actual results and performance of
the Company’s business to differ materially and adversely from the
forward-looking statements. Certain such forward-looking statements
can be identified by the use of forward-looking terminology such as
“believes”, “may”, “will”, “should”, “would be”, “expects” or
“anticipates” or similar expressions, or the negative thereof, or
other variations thereof, or comparable terminology, or by
discussions of strategy, plans, or intentions. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in this release as anticipated, believed, or
expected. SBM Offshore NV does not intend, and does not assume any
obligation, to update any industry information or forward-looking
statements set forth in this release to reflect subsequent events
or circumstances. Nothing in this press release shall be deemed an
offer to sell, or a solicitation of an offer to buy, any
securities.
- SBM Offshore completes US$600 million bridge loan for FPSO
Sepetiba