US$1,264m Senior Term Loan Financing for MODEC’s Cidade de Campos dos Goytacazes FPSO
10 September 2015
Clifford Capital provided a senior secured term loan financing alongside Japanese export credit agency, JBIC as well as a number of commercial banks to finance the construction and conversion of the Cidade de Campos dos Goytacazes FPSO which is owned by a consortium led by MODEC. The FPSO will be deployed in Brazil under a long term charter agreement with Petrobras.
Clifford Capital’s financing was predicated on the EPC work for the FPSO to be carried out by a Singapore-based subsidiary of MODEC. Our financing support is aimed at reinforcing the continued use of MODEC’s Singapore-based subsidiary for EPC related activities in the highly specialized FPSO sector.