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12 Dec 2022

Stephenson Harwood advises BNP Paribas on financing for ECA-backed JOLCOs

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Law firm Stephenson Harwood LLP has advised BNP Paribas, a long-standing client, on the financing of two ECA-backed Japanese Operating Leases with Call Options (JOLCOs).

The JOLCOs were arranged for two newbuild E-flexer class RoPax ferries that were delivered to Stena Line. The funding sources consisted of equity funding arranged by FPG-AIM, in addition to the debt financing provided by BNP Paribas.

The deal, which included loan facilities arranged by BNP Paribas with ECA backing from China Export & Credit Insurance Corporation and operating leases containing purchase options, had a complex structuring, which involved multi-jurisdictional legal, tax, corporate and operational aspects.

The Stephenson Harwood team was led by partner Jon Cripps, who was supported by managing associate Elena Tang, associate Farah Butt and senior paralegal Dharshini Raviendran.

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