Commentary & Deal Flow

Yinson Azalea Production Pte. Ltd. exp Baa2/BBB+ (Moody's/Fitch) US$1.458bn 144A/Reg S 13.3y (7.9y WAL) FXD sr sec project notes due 01/31/40 (final maturity 01/31/41). MWC (T+50) then 24mos par call (01/31/38). Citi (B&D)/HSBC/JPM/Sant as Global Coordinators and Joint Bookrunners. Collateral: Following the repayment in full of the Existing Project Finance Obligations, the Notes will be secured on a first-priority basis, pari passu and pro rata with the Reserve Account Facility, any Additional Senior Secured Facility and any Secured Interest Rate Hedging Agreement, by Liens on: (a) substantially all of the Issuer’s assets (other than the Additional Project Costs Accounts and the Permitted Unsecured Accounts), including, without limitation, the Note Proceeds Account and the other Collateral Accounts; (b) all of the equity interests in the Issuer; and (c) certain of the assets of other Project Parties to the extent provided in the Security Documents. Permitted Principal Deferral: If, on any Semi-Annual Payment Date, a demand has been made under the Eni Guarantee in respect of amounts owing by the Charter Counterparty under the Charter Agreement and the amounts so demanded have not been received by the Issuer, or the Vessel is then subject to a Major Repair (as defined in the Charter Agreement), the Issuer may, by notice delivered not less than five (5) Business Days prior to that Semi-Annual Payment Date, defer payment of the principal amount of the Notes then due, including any principal previously deferred under a Permitted Principal Deferral. Interest will continue to accrue and be payable in full and on schedule on the deferred principal and on all other outstanding principal. Principal so deferred will be payable on the immediately succeeding Semi-Annual Payment Date in addition to the scheduled principal due on that date (and the remaining amortization schedule will not be adjusted), save that principal deferred from the Scheduled Maturity Date will be payable no later than the Final Maturity Date. The Issuer may not effect a Permitted Principal Deferral on more than two (2) consecutive Semi-Annual Payment Dates or on the Final Maturity Date. A Permitted Principal Deferral will not constitute a Default or an Event of Default. Principal Payment Dates: January 31 and July 31 of each year, commencing on July 31, 2027 and ending on the Scheduled Maturity Date, in each case subject to any Permitted Principal Deferral. Debt Service Reserve Account Required Balance: Six months of forward debt service (scheduled principal + interest + Senior Hedge Obligations). O&M Reserve Account Required Balance: As of any date of determination, the lower of (a) U.S.$34,913,115 and (b) the highest projected 1-year amount of Issuer Operation and Maintenance Expenses and Operator Operation and Maintenance Expenses, excluding items of major maintenance, in accordance with the Closing Date Base Case Model, over the five-year period immediately following the date of calculation thereof (as such amounts will be adjusted pursuant to the Independent Engineer certification at each five-year interval following the Issue Date for inflation using 100% U.S. CPI and February 1, 2026 as a reference date), divided by three (3), as calculated and certified by the Independent Engineer to the Intercreditor Agent on the Issue Date and every five years thereafter. On the Issue Date, item (b) is U.S.$24,251,227.77. Any conversion of kwanza denominated Operator Operation and Maintenance Expenses to Dollars at each five-year interval following the Issue Date will be made using the average Dollar bid and offer spot rates published by the National Bank on such determination date. Reserve Account Facility Commitment: Aggregate commitment amount not to exceed an amount equal to the sum of the Debt Service Reserve Account Required Balance and the O&M Reserve Account Required Balance as of any date of determination, with an initial aggregate commitment amount on the Issue Date of U.S.$109,174,181.06, allocated between the Debt Service Reserve Account and the O&M Reserve Account. First pay: 01/31/27. Denoms: 200,000 x 1,000. UoP: The Issuer will use the proceeds of the issuance and sale of the Notes to: (a) repay in full and release the Issuer from all Existing Project Finance Obligations (including break funding costs under the Existing Project Finance Obligations, and any and all fees, expenses, Taxes and costs associated therewith); (b) fund the Debt Service Reserve Account and the O&M Reserve Account pursuant to the terms of the Indenture and the Accounts Agreement, unless funded by Reserve Account Credit Support; (c) pay transaction fees, costs and expenses in connection with the issuance of the Notes and the Reserve Account Facility in accordance with a flow of funds memorandum agreed to by the Issuer; and (d) once application has been made as described in (a) through (c) above, provided that the Existing Collateral Release Date occurs on or prior to the Existing Collateral Release Outside Date, for general corporate purposes of the Issuer, including for purposes of the Excess Note Proceeds Distribution. Marketing: https://dealroadshow.finsight.com/e/AGOGO2026 (Entry Code: AGOGO2026). Governing Law: New York (Financing Documents) / Singapore (Singaporean Security Documents). Listing: London Stock Exchange ISM. Pricing 10/06. Settle 10/21 (T+10). 144A CUSIP/ISIN: 98585EAA4/US98585EAA47. Reg S CUSIP/ISIN: Y98309AA8/USY98309AA88.
SPREAD SET: 13.3y (7.9y WAL) at T+157. Price to Public: 98.[•] %.

LAUNCHED: $1.458bn 13.3y (7.9y WAL) at T+157.