Container Ship at Sea

WFW advises DNB Asia Ltd on a US$700m facility to BW LPG Holdings Limited

6 December 2013

Watson, Farley & Williams (“WFW”), practicing in Hong Kong in association with Lau, Leong & Co., is pleased to announce that it has advised DNB Asia Ltd as Facility Agent for a syndicate of eight lenders on the provision of a US$700m facility to BW LPG Holdings Limited to finance 20 LPG carriers and for general working capital purposes.

DNB Asia Ltd is part of Norway’s largest financial services group and specialises in providing shipping and offshore finance, and the syndicate members comprised leading banks across Europe and Asia.

The drawdown that occurred in November 2013 was linked to a successful listing of BW LPG Limited on the Oslo Stock Exchange. The 20 LPG carriers are registered in the Bahamas, Bermuda, the Isle of Man and Norway.

Head of WFW Hong Kong Madeline Leong led the team and was assisted by associates Jonathan Keats and Siavush Mokhtar.

Madeline Leong, head of WFW in Hong Kong, said: “Being tied to a listing on the Oslo Stock Exchange set a challenging and tight timeline for this deal. The size of the financing along with the success of the listing demonstrates continued activity and appetite within the developing LPG arena.”