Guara Norte’s $850 Million Notes Offering

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados advised SBM Offshore N.V. and Stocche Forbes advised Citigroup Global Markets Inc., MUFG Securities Americas Inc., ING Financial Markets LLC, Mizuho Securities USA LLC, ABN AMRO Securities (USA) LLC, Société Générale, Credit Agricole Securities (USA) Inc., DNB Markets, Inc., Natixis Securities Americas LLC, Coöperatieve Rabobank U.A. and SMBC Nikko Securities America, Inc. acting as underwriters on the transaction

SBM Offshore is pleased to announce the successful pricing of an US$850 million non-recourse senior secured notes transaction in a 144A/Reg S offering by a subsidiary company. The issuer of the notes is Guara Norte S.à r.l. (Guara Norte), which owns the FPSO Cidade de Ilhabela. SBM Offshore owns 75% of the equity in Guara Norte and the remaining 25% equity is held by Mitsubishi Corporation. The transaction is expected to close on February 11, 2021 at which date the notes will be issued and settlement will occur.

The notes are rated Ba1 (Moody’s) and BB+ (Fitch) and were priced at 99.995% of par value with a 5.198% fixed coupon which is paid semi-annually. The notes are fully amortizing over the 13.5 years tenor. The notes will trade at the Singapore Stock Exchange (SGX). The deal was significantly oversubscribed.

This is SBM Offshore’s first issuance of a 144A/Reg S bond and as such this offering further diversifies its sourcing for project debt. Proceeds will be used to repay existing bank debt (approximately US$535 million, with a remaining tenor of approximately 4 years), unwind the existing hedge arrangements and pay for transaction related expenses (combined approximately US$35 million). The remaining cash (approximately US$280 million) will be distributed to Guara Norte’s shareholders.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga advised SBM Offshore with Pablo Sorj (Picture), Giovani Loss, Nilton Gomes de Mattos Neto, Karina Vasconcelos Rabelo de Melo, Yasmin Tayar and Gabriel Ferreira Soares de Brito.

Stocche Forbes advised Citigroup Global Markets Inc., MUFG Securities Americas Inc., ING Financial Markets LLC, Mizuho Securities USA LLC, ABN AMRO Securities (USA) LLC, Société Générale, Credit Agricole Securities (USA) Inc., DNB Markets, Inc., Natixis Securities Americas LLC, Coöperatieve Rabobank U.A. and SMBC Nikko Securities America, Inc. -acting as underwriters on the transaction – with a team including Miriam Signor and Mariana Batista David.

Involved fees earner: Gabriel Acciarito Ferreira – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Nilton Gomes de Mattos Neto – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Yasmin Ferreira Tayar – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Giovani Loss – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Pablo Sorj – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Karina Vasconcelos Rabelo de Melo – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Mariana Batista David – Stocche Forbes Advogados; Miriam Signor – Stocche Forbes Advogados;

Law Firms: Mattos Filho Veiga Filho Marrey Jr & Quiroga; Stocche Forbes Advogados;

Clients: ABN AMRO Securities; Citigroup Global Markets Ltd; Coöperatieve Rabobank; Credit Agricole Securities (USA) Inc.; DNB Markets; ING Financial Markets LLC; Mizuho Securities; MUFG Securities Americas Inc. ; Natixis Securities Americas; SBM Offshore; SMBC Nikko Securities America; Société Générale;

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