MODEC awarded the Marine Money Offshore Deal of the Year 2019

Tokyo, April 21, 2020

MODEC, Inc. (“MODEC”) is pleased to announce that a US$ 1.1 billion project bond, issued by an affiliate of MODEC in August 2019, has been awarded “Marine Money Offshore Deal of the Year 2019” in the Innovation category.

This issuance by MV24 Capital B.V., an affiliate of MODEC, was for the refinancing of a Floating Production Storage and Offloading (FPSO) vessel, the FPSO Cidade de Mangaratiba MV24, chartered to TUPI consortium led by Petróleo Brasileiro S.A. to operate in the Lula Iracema field in the Brazilian pré-salt. The deal aimed to strategically diversifying its financing sources for MODEC’s entire FPSO charter business. This transaction marked the first project bond for a FPSO project sold in the Regulation S/Rule 144A market, for the Brazilian oil and gas industry, as well as the largest infrastructure issuance in over 5 years. This project bond was sold to a broad range of international investors, mainly in Europe and the United States. Total investor demand for the issue was approximately 2-times the issue amount of the US$ 1.1 billion project bond. The strong reception for the bond in the international market highlights MODEC’s highly praised asset management capabilities as well as operations and maintenance for FPSOs.

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