SBM Offshore prices US$850 million senior secured notes transaction
09 Februar 2021 - 07:30AM
February 9, 2021
SBM Offshore is pleased to announce the
successful pricing of an US$850 million non-recourse senior secured
notes transaction in a 144A/Reg S offering by a subsidiary company.
The issuer of the notes is Guara Norte S.à r.l. (Guara Norte),
which owns the FPSO Cidade de Ilhabela. SBM Offshore owns 75% of
the equity in Guara Norte and the remaining 25% equity is held by
Mitsubishi Corporation. The transaction is expected to close on
February 11, 2021 at which date the notes will be issued and
settlement will occur.
The notes are rated Ba1 (Moody’s) and BB+
(Fitch) and were priced at 99.995% of par value with a 5.198% fixed
coupon which is paid semi-annually. The notes are fully amortizing
over the 13.5 years tenor. The notes will trade at the Singapore
Stock Exchange (SGX). The deal was significantly
oversubscribed.
This is SBM Offfshore’s first issuance of a
144A/Reg S bond and as such this offering further diversifies its
sourcing for project debt. Proceeds will be used to repay existing
bank debt (approximately US$535 million, with a remaining tenor of
approximately 4 years), unwind the existing hedge arrangements and
pay for transaction related expenses (combined approximately US$35
million). The remaining cash (approximately US$280 million) will be
distributed to Guara Norte’s shareholders.
The notes are being sold to qualified
institutional buyers in the United States in accordance with Rule
144A under the Securities Act of 1933, as amended (the "Securities
Act"), and to persons outside the United States in accordance with
Regulation S under the Securities Act. The notes have not been and
will not be registered under the Securities Act or any state or
other jurisdiction's securities laws and may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act and
applicable state or other jurisdictions' securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the notes or any
other securities, nor shall there be any offer, solicitation or
sale of the notes or any other securities in any state or other
jurisdiction in which such an offer, solicitation or sale would be
unlawful.
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,
February 9, 2021
Financial Calendar |
Date |
Year |
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 |
Half Year 2021 Earnings – Press Release |
August 5 |
2021 |
Trading Update 3Q 2021 – Press Release |
November 11 |
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 prices US$850 million senior secured notes
transaction
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