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Yinson to raise $80m from placement, cut borrowings

Yinson to raise $80m from placement, cut borrowings
Budding Malaysian floating production, storage and offloading (FPSO) vessel player Yinson Holdings continues with prudent financial management in proposing a MYR300m ($79.8m) share placement to pare down bank borrowings.

However, it said in a stock market announcement that depending on prevailing market conditions and investors’ interest, the proposed private placement may be implemented in tranches.Yinson added that the proposed placement would also strengthen its financial position by reducing its gearing to 0.31 times from the present 0.57 times.

Yinson plans to use MYR289.5m to repay its bank borrowings, which now stands at MYR823.2m, much of this is made up of loans to finance the conversion and refurbishment of an FPSO vessel for a deal with Eni Ghana Exploration Production earlier this year. Yinson has also secured a term loan facility of up to $780m for Ghana FPSO project.