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02 Mar 2023

Stephenson Harwood advises on US$685 million syndicated loan

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Law firm Stephenson Harwood LLP has advised Crédit Agricole Corporate and Investment Bank (CACIB), in its role as agent on behalf of a syndicate of finance parties, on a US$685 million syndicated loan. The funding, jointly arranged by CACIB and Sumitomo Mitsui Trust Bank, was provided to Höegh LNG for the refinancing of two floating storage and regasification units (FSRUs): Höegh Esperanza and Hoegh Gannet.

Höegh LNG, one of the world's largest FSRU owners, signed two 10-year time charter contracts with the German Federal Ministry for Economic Affairs and Climate Action. This deal is of political significance to Germany and will play a key part in the country's overall decarbonisation strategy, as Germany adapts its LNG regasification capacity, and diversifies its energy supplies.

"With our global reach and cross-practice market-leading capabilities, we were well-placed to advise finance parties on this complex transaction", said Ian Mace, global head of maritime finance, Stephenson Harwood. "The deal involved a number of jurisdictions which drew on our cross-border expertise, as well as project finance components given the long-term time chartering and quiet enjoyment arrangements. It is exciting to be involved in a transaction involving Höegh LNG that will have a huge impact on Germany's energy supply security, and, ultimately, its future sustainability."

The Stephenson Harwood London-based team was led by ship finance partner Ian Mace, who was supported by associates Joanna Tuft and Hannah Marriott. Further support was provided by marine and international trade partner Max Lemanski and associate Rituparna Chattopadhyay, finance associate Lisa Atkinson in respect of hedging matters and tax partner John Meehan. Paris-based of counsel Ezio Dal Maso and associate Chloe Chiss assisted on French law matters. Stephenson Harwood (Singapore) Alliance partner Colin Jarraw and associate Jamie Loh assisted on Singapore law matters.

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