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11 Apr 2022

Stephenson Harwood advises on US$405 million financing for ICBCL

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Stephenson Harwood (Singapore) Alliance has advised a syndicate of banks led by National Australia Bank Limited (NAB) and Standard Chartered Bank (SCB) on a US$405 million debt financing of 10 crude oil tankers (the vessels) to subsidiaries of ICBC Financial Leasing Co., Ltd. (ICBCL).

Other syndicate members included ING Bank, Deka Bank and Societe Generale. This was a highly structured financing involving multiple security interests being registered against the vessels, subordination and quiet enjoyment and step-in rights.

The vessels were the subject of a US$544 million sale and leaseback transaction concluded between Frontline Ltd. and ICBCL in 2020.

"This was a highly structured financing with many unique requirements for the lenders and borrowers to work through," said Quincy Chan, NAB Director of Asset Finance & Leasing. "The Stephenson Harwood team was first class in advising lenders which allowed us to deliver an exceptional outcome for ICBCL."

The Stephenson Harwood (Singapore) Alliance team was led by partner Huay Yee Kwan and senior associate Jeffrey Tanner, who were assisted by associates Gary Leow and Wei Liang Chang in Singapore. Hong Kong law advice was provided by partner Elton Chan and associate Tinnie Chan.

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KEY CONTACT

Huay Yee Kwan

Huay Yee Kwan
Partner

T:  +65 6622 9678 M:  Email Huay Yee | Vcard Office:  Singapore

Jeffrey Tanner

Jeffrey Tanner
Senior associate

T:  +65 6622 9653 M:  Email Jeffrey | Vcard Office:  Singapore

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