Moody's assigns B2 to Armada loan

Moody's Ratings said it assigned a first-time B2 rating to the $948 million senior secured term loan procured by Armada 98/2 Pte. Ltd. The loan has an 8.5-year term and is set to fully amortize by its final maturity in July 2031. The rating outlook is stable.

Armada 98/2, a special purpose entity based in Singapore, owns the floating production storage and offloading unit Armada Sterling V. Armada 98/2 is 70% owned by Shapoorji Pallonji Energy Pvt Ltd. and 30% by Bumi Armada Offshore Holdings Ltd.

The loan will be used to repay an about $930 million construction loan.

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