Modec $1.1 Billion Project Bond Offering

Tostes e Associados, King & Spalding, White & Case and Stocche Forbes advised on the deal

MODEC, Inc. has issued a project bond in the international capital markets outside Japan to refinance a Floating Production Storage and Offloading (FPSO) vessel chartered to the TUPI consortium led by Petróleo Brasileiro S.A. (“Petrobras”) which operates an oil field in Brazil, with the aim of strategically diversifying its financing sources for MODEC’s entire FPSO charter business.

MODEC is a leading provider of competitive oil and gas production services for the offshore oil and gas industry and is recognized as a world leading specialist for floating oil and gas production systems, including FPSOs.

This project bond was issued for the FPSO Cidade de Mangaratiba MV24 (“the FPSO”) which has been deployed and is currently in operation at the Iracema Sul (formerly Cernambi Sul) oil field, operated by Petrobras, in the giant “pre-salt” region offshore Brazil. The shareholders (“Sponsors”) of Cernambi Sul MV24 B.V., which owns the FPSO, are MODEC, Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation.

Mizuho Securities USA, Morgan Stanley & Co. and SMBC Nikko Securities America acted as joint bookrunners and Citigroup Global Market acted as lead manager on the offering.

Tostes e Associados Advogados advised MV24 Capital B.V., Mitsui & Co., Ltd. Modec, Inc., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation with Antonio Carlos Vasconcellos, Reginaldo Sorrenti and Samuel Sigilião.

King & Spalding advised Modec Inc. with John McClenahan, Mark Davies, Kevin Manz and Yun (Jonathan) Wang.

White & Case advised Citigroup Global Markets, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. with John Anderson, John Guzmán, Paul Harrison, Mariana Seixas, Sean Williams, Lucía Benabentos, Lauran San Román Guijarro, Lina María Mesa and Joey Chan.

Stocche Forbes advised Citigroup Global Markets, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. with Miriam Signor, Rafael Bresciani, João Carlos Villa and Mariana David.

Involved fees earner: Mark Davies – King & Spalding; Kevin Manz – King & Spalding; John McClenahan – King & Spalding; Yun Wang – King & Spalding; Rafael Helou Bresciani – Stocche Forbes Advogados; Mariana David – Stocche Forbes Advogados; Miriam Signor – Stocche Forbes Advogados; João Carlos Villa – Stocche Forbes Advogados; Samuel Sigilião – Tostes e Associados; Reginaldo Sorrenti – Tostes e Associados; Antonio Carlos Vasconcellos – Tostes e Associados; John Anderson – White & Case; Lucia Benabentos – White & Case; Joey Chan – White & Case; John Guzman – White & Case; Paul Harrison – White & Case; Lina María Mesa – White & Case; Lauran San Roman Guijarro – White & Case; Mariana Seixas – White & Case; Sean Williams – White & Case;

Law Firms: King & Spalding; Stocche Forbes Advogados; Tostes e Associados; White & Case;

Clients: Citigroup Global Markets Ltd; Marubeni; Mitsui; Mitsui OSK Lines; Mizuho Securities; Modec Inc.; Morgan Stanley; SMBC Nikko Securities America;

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Author: Ambrogio Visconti.