Stephenson Harwood (Singapore) Alliance has advised ING Bank (ING) on the structuring and documentation of a multi-tiered debt US$162 million KOBC guarantee backed financing.

This financing involved senior, mezzanine and junior tiers of debt, limited recourse for senior lenders, as well as complex security interest and intercreditor considerations. It required KOBC support in the form of a KOBC guarantee in favour of the mezzanine lenders and the incorporation of a KOBC special purpose vehicle. It also included the sale-purchase and lease-back of 21,870 high cube and cargo marine containers to Hyundai Merchant Marine Co. Ltd, with a subsidiary of CAI International Inc. acting as collection agent and container manager for ING.

“The success of this highly complex deal could not have been achieved without the dedicated support from Stephenson Harwood,” said Kane Chung, vice president, ING Bank N.V. Singapore Branch.

The team was led by Stephenson Harwood partner Iain Young and senior associate Jeffrey Tanner in Singapore, who were supported by associate Jefferson Tan. Singapore law advice was provided by Virtus Law partner Jason Yang and associate Angeline Yap, while Hong Kong law advice was given by partner Elton Chan and associate Brenda Wong.