...Fitch Ratings expects to rate the $1.438 billion senior secured notes to be issued by Yinson Azalea Production Pte. Ltd., rated `BBB+(EXP)' by Fitch. Proceeds of this transaction are to be used to refinance original construction financing of the floating-production storage and offloading (FPSO) unit, Agogo FPSO, fund transaction reserve accounts, pay any transaction- related costs and complete distributions to the issuer shareholder (Yinson Production Azalea Holdings Pte. Ltd.). The Agogo FPSO operates in the Agogo Integrated West Hub, Block 15/06, a greenfield, sub- salt field located in the Lower Congo Basin, off the coast of Angola. The transaction is backed by a first-priority mortgage on the vessel and cash flows from the underlying bareboat charter agreement between Yinson Azalea Production Pte. Ltd. (issuer), as owner and issuer, and Azule Energy Angola S.p.A. (Azule, a 50/50 joint venture between BP and Eni), as offtaker/charterer. The agreement is in place until August 2040 for...
