A group of 13 lenders, comprising global banks and institutional investors, has empowered Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson Holdings, in securing a limited recourse term loan facility of up to $1.3bn.

The funding is earmarked for the pre- and post-delivery financing of a floating production, storage and offloading (FPSO) vessel set to operate off the coast of Angola, an online media platform Offshore Energy reported.

The financing package for the construction of the Agogo FPSO is structured into three secured tranches with staggered maturities of up to ten years post-delivery of the FPSO, transitioning to non-recourse at that time, subject to specific conditions.

Standard Chartered Bank (Singapore) acted as a global coordinating bank for the deal, Yinson Production said in a press statement on April 30.

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