3 March 2014
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Crédit Agricole Corporate and Investment Bank (“CACIB”) in relation to a US$200m loan facility made available to Petredec to provide financing for its acquisition of four 84,000 CBM LPG carriers under construction at Hyundai Heavy Industries Co., Ltd in South Korea.
WFW London advised CACIB on the facility, which was signed on 21 February 2014, and comprises a K-Sure insured tranche and a commercial tranche in relation to each of the newbuildings.
CACIB, HSH Nordbank AG, Singapore branch, ABN AMRO Bank N.V., Singapore branch and ING Bank N.V., Singapore branch acted as Mandated Lead Arrangers and CACIB acted as K-Sure Agent and Facility Agent.
London partner Michael O’Donnell acted for CACIB, and was supported by senior associate Patrick Smith (WFW London). WFW Singapore and WFW Paris provided the Singapore and French law assistance.
Michael O’Donnell, maritime partner at WFW, said: “We are delighted to have advised Crédit Agricole on providing the finance for these key acquisitions, underlining the bank’s and WFW’s comprehensive expertise in and dedication to the maritime sector.”