Ship and offshore finance

Fleet refinancing

Advised Nordea in connection with a US$1.5 billion 41 vessel fleet refinancing to Solstad.

Term and revolving credit facility

Acting for a BW Pacific on a refinancing of a US$676 million multi-tranche and revolving credit facility in relation to 29 vessels to be advanced by a syndicate of international banks (operating though their Singapore branches).

Offshore accommodation jack-up-rig

Advised a New York based fund on US$104 million financing of a US$154 million new-build offshore accommodation jack-up-rig. The financing was provided by a Chinese lender and was Sinosure backed. The rig was chartered to Maersk.

ECA backed

Acting for ING on a pre and post-delivery US$344,700,000 multi-tranche ECA backed facility to 3 subsidiaries of a joint venture for the purchase of three containerships under construction in Korea by Samsung Heavy Industries Co., Ltd..

ECA backed

Advising BW LPG on a US$400 million syndicated multi-tranche ECA backed facility for the purchase of 7 very large gas carriers under construction in Korea by Hyundai Heavy Industries.

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Finance

Bridging facility

Advised a subsidiary of Petronas on a 6+3 month US$180,000,000 bridging facility.

Loan transfer / universal succession

Advised on a cross border consolidation including, amongst other things, the impact of the consolidation on the security and the requirements in the financing documents related to mergers. This involved dealing with a wide range of different jurisdictions in consultation with foreign counsel and reviewing the position for various types of facilities (term loan, revolving credit and ECA backed facilities etc) and structures (syndicated, bilateral and participation loans).

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Restructuring and insolvency

Scheme of arrangement

Advising on a cram-down by way of a Singapore scheme of arrangement.

Transfer of agent and trustee

Assisted a bank in connection with the transfer of agent and trustee functions after a distressed loan transfer.

Defaults

Advised on events of defaults on numerous facilities and drafted supplemental agreements / waiver letters / RORLs. Provided on-going default related advisory work. Advised on lender and agent rights. Advising on steps required to enforce security.

Shipping

Singapore branch of an international bank

Acting for a Singapore branch of an international bank on a pre and post-delivery US$200 million multi-tranche ECA backed facility to 10 Singapore based subsidiaries of a Thai ship owner under construction in China.

Acting for a Singapore branch of an international bank on a pre and post-delivery US$344 million multi-tranche ECA backed facility to 3 subsidiaries of a joint venture for the purchase of three containerships under construction in Korea by Samsung Heavy Industries Co., Ltd. 

Ship owner

Acting for a ship owner on a refinancing of a US$776 million multi-tranche and revolving credit facility in relation to 29 vessels to be advanced by a syndicate of international banks (operating though their Singapore branches). 

Acting for a ship owner on the financing of a US$400 million multi-tranche ECA backed facility for the purchase of 7 very large gas carriers under construction at Hyundai Heavy Industries.

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