To this effect, EXIM Bank together with other local and foreign financial institutions have joined hands and offered a US$400 million bridge financing to Yinson Holdings Berhad (Yinson), together with its project partner, Sumitomo Corporation (Sumitomo) for its FPSO Anna Nery Project - a floating, production, storage and offloading (FPSO) vessel for the Marlim Revitalisation Project in Brazil.
The bridge loan is expected to be utilised from October 2020 to support the ongoing construction of FPSO Anna Nery, whilst Yinson and Sumitomo continue to work on closing the long-term project financing package for the project. Sumitomo has a 25 percent stake in the FPSO Anna Nery Project, which was awarded to Yinson by Petróleo Brasileiro S.A. (Petrobras) in October 2019.
Yinson Group Chief Strategy Officer, Daniel Bong said that the deal was oversubscribed by the participating banks, which is a strong testament of their support of Yinson despite challenging economic conditions.
This story is from the December 2020 edition of Business Today Malaysia.
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This story is from the December 2020 edition of Business Today Malaysia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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