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SBM Marks FPSO Bond Market Debut

Oct 12, 2012

SBM Offshore's SBM Baleia Azul unit has raised $500m in the RegD private placement market, giving LatAm its first bond financing for a floating production, storage and offloading vessel (FPSO). The Baa2/BBB 2027 project bond for the Cidade de Anchieta vessel priced at par to yield 5.5%, SBM says. The transaction has an 8.5-year average life and was placed with 16 institutional investors following marketing that began last month. Finding comps for the bond is not straightforward, but DCM bankers away from the deal suggest the Brazilian drillship bonds backed by...

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