White & Case acts for banks on $1.1bn Brazil FPSO refinancing
White & Case has advised the banks acting as coordinators and bookrunners of a $1.1 billion senior secured notes offering by MV24 Capital, a Dutch special-purpose entity owned by Mitsui & Co, Mitsui OSK Lines and and Marubeni Corporation, to refinance the floating production, storage and offloading (FPSO) unit Cidade de Mangaratiba MV24.
The FPSO is operated by Modec in the Iracema Sul oil field in Brazil.
The banks advised by White & Case are Citigroup Global Markets, as global coordinator, and Mizuho Securities USA, Morgan Stanley and SMBC Nikko Securities America as joint bookrunners on the offering.
The transaction is believed to be the first FPSO project bond issued under Rule 144A and Regulation S in Brazil.
Modec has 11 FPSO charter projects around the world, and this transaction will allow the company to diversify its financing sources and provide financing flexibility for the construction of additional FPSOs, the law firm said.
The White & Case team that advised on the transaction was led by partners John Anderson (pictured) and John Guzman in São Paulo, and included partner Paul Harrison in Tokyo and associates Mariana Seixas and Sean Williams in São Paulo, Lucia Benabentos, Lauran Guijarro and Lina Maria Mesa in Miami, and Joey Chan in Tokyo.
