📋 Tender Overview
SBM Offshore is pleased to announce the closure of a US600 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 facilitys weighted average interest margin is in line with the expected margin of SBM Offshores existing US1 billion revolving credit facility for the second half of 2020.Bert-Jaap Dijkstra Group Treasurer of SBM Offshore commentedThe successful closure of this bridge facility demonstrates the robustness of our financing model as well as the strength of SBM Offshores 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 Offshores liquidity position at a competitive rate.
