7 August 2013
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised ING Bank (“ING”) on providing a US$75 million project credit facility to Sovcomflot (“SCF”), the largest Russian shipping company, to finance two LPG carrier newbuildings built at Hyundai.
The vessels will be owned through the newly established subsidiary SCF Gas Carriers and operate on long-term contracts with the Russian petrochemical company SIBUR. They will transport LPG from SIBUR’s LPG and light oils transhipment terminal at the Ust-Luga commercial sea port in the Baltic.
ING, one of Europe’s leading banks, acted as the sole mandated lead arranger on the deal, which has a non‐recourse structure.
Asset finance partner Nigel Thomas led the WFW London team, supported by senior associate Michael Savva.
WFW London partner Nigel Thomas said: “We are delighted to have advised ING on their latest sophisticated financing and for one of their key shipping clients SCF. This has proved a very active twelve months for both WFW and ING on transactions relating to SCF in SCF’s 25th anniversary year.”
In the last quarter of 2012 WFW advised ING, one of the eight international banks which agreed to provide a US$700 million credit facility to SCF. In 2012 WFW also acted for ING on the US$160 million post-delivery export-finance-backed loan facility for SCF to finance two new multifunctional icebreaking supply vessels.