21 July 2014
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Crédit Agricole Corporate and Investment Bank (“Crédit Agricole”) on a US$239,600,000 term loan facility to subsidiaries of funds managed by Oaktree Capital Management, LP to finance the purchase of 10 new vessels. Two of the 5,400 TEU container vessels have already been delivered, while the rest are being built by Hanjin Heavy Industries Corporation Philippines and will be delivered by the first half of 2015.
WFW advised Crédit Agricole as facility and security agent, book runner, and mandated lead arranger, along with DVB Bank America N.V., Credit Suisse AG, Cathay United Bank and DekaBank Deutsche Girozentrale, on the K-Sure backed facility.
The WFW team was led by London Maritime partner Kavita Shah, assisted by associates Emeline Yew and Constance Daws. London partner Richard Stephens and associate Rob Firth provided tax advice. Paris partner Laurence Martinez-Bellet and associate Olivier Challine provided French law advice. New York partner Leo Chang and associate Ashley Laurie provided Marshall Islands law advice.
WFW London partner, Kavita Shah said:“We are very pleased to have advised a long-time client of the firm and leader in the maritime finance sector with great expertise in ECA-backed facilities, Crédit Agricole on this significant deal.”