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White & Case Advises Global Coordinator and Joint Bookrunners on US$1.1 Billion Secured Notes to Refinance Brazilian FPSO

Global law firm White & Case LLP has advised Citigroup Global Markets Inc., as global coordinator, and Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc., as joint bookrunners, in a Rule 144A/Regulation S offering of US$1.1 billion senior secured notes by MV24 Capital B.V., a Dutch special-purpose entity owned by Mitsui & Co., Ltd, MODEC, Inc., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation.

The notes will refinance FPSO Cidade de Mangaratiba MV24, which is operated by Modec in the Iracema Sul oil field.

This transaction is believed to be the first FPSO project bond issued under Rule 144A and Regulation S. 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 White & Case team that advised on the transaction was led by partners John Anderson 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.

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