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Brazil: OSX Raises USD 500 Million for FPSO Financing

OSX raised US$ 500 million by issuing Senior Secured Bonds in the international market, the net proceeds of which shall be used for the construction of its FPSO OSX-3.

Brazil: OSX Raises USD 500 Million for FPSO Financing
15 March 2012 - 00:22

OSX raised US$ 500 million by issuing Senior Secured Bonds in the international market, the net proceeds of which shall be used for the construction of its FPSO OSX-3.

The FPSO OSX-3 will have an oil production capacity of 100.000 bopd and a storage capacity of up to 1.300.000 bbls. The unit will be chartered to its client OGX for operation in the Campos Basin during a 20 year-period. The construction of the FPSO OSX-3 is currently underway in Singapore, at the Jurong Shipyard, pursuant to the turn-key contract for its engineering, procurement, construction and installation (EPCI), entered into between OSX-3 Leasing B.V. and Modec International Inc. in July 2011.

The financial terms of the Bond issued by OSX-3 Leasing B.V. provide for final maturity in March 2015 at an interest rate of 9.25% pa, payable quarterly. OSX-3 Leasing B.V. will have a call option exercisable between 15 and 24 months from the date of issuance at 103% of the face value or between 24 and 36 months at 102% of the face value. In the bond issuance, Pareto Securities acted as Global Coordinator, Joint Lead Manager and Bookrunner, and DNB Markets as Joint Lead Manager and Bookrunner.

“The issue of a US$ 500 million Bond by OSX in the private international market reaffirms the soundness and consistency of OSX’s projects. In addition to launching our presence in the international fixed income market, this operation consolidates the partnerships that OSX has been building with global financial institutions. The construction of FPSO OSX-3 moves steadily towards its oil production in Brazil.” stated Luiz Carneiro, CEO of OSX.

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