Skip to main content

SBM Offshore completes US$600 million bridge loan for FPSO Sepetiba

Written by Customer Service on . Posted in Public Companies.

July 1, 2020SBM 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 Board
Amsterdam, the Netherlands, July 1, 2020
For further information, please contact:Investor Relations
Bert-Jaap Dijkstra
Group Treasurer and IRMedia Relations
Vincent Kempkes
Group Communications DirectorDisclaimerThis 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.AttachmentSBM Offshore completes US$600 million bridge loan for FPSO Sepetiba

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.