SBM Offshore raises $450M

SBM Offshore is pleased to announce the successful completion of US$450 million of non-recourse senior secured debt by way of a US Private Placement (USPP) for the Deep Panuke Production Field Centre (PFC).

SBM Offshore raises $450M

The 3.5% fixed coupon bond is rated BBB- / BBB (low) by Fitch and DBRS respectively and carries a 7 year maturity. The offering was oversubscribed with fourteen institutional investors participating.

This is SBM Offshore’s  second time to tap the Private Placement market following the October 2012 FPSO Cidade de Anchieta USPP.

Proceeds from this placement will be used to reimburse both a bridge loan put in place in April 2014 and inter-company shareholder loans.

The company said that the announcement is in line with SBM Offshore’s continued strategy to diversify funding sources.

Press Release


Related news

List of related news articles