NEWS

Ship's Bow

WFW advises Nordea Bank Norge ASA on US$355m loan to Exmar LPG BVBA.

3 April 2013

Watson, Farley & Williams LLP (WFW), a leading international law firm, is pleased to announce that it has acted for Nordea Bank Norge ASA on a US$355m loan facility to Exmar LPG BVBA, a joint venture between Exmar and Teekay.

This deal follows WFW’s advice to Nordea on the joint venture arrangements and amendments to certain loan facilities documented in December 2012/January 2013.

The loan comprises a revolving credit facility of US$215m and a term loan facility of US$140m and will refinance indebtedness on 11 LPG vessels, and provide finance for four LPG newbuildings under construction at Hyundai Mipo Dockyard. It is secured on Belgian and Hong Kong registered LPGs.

Nordea Bank Norge ASA acted as global co-ordinator and DnB Bank ASA and Nordea Bank Norge ASA acted as bookrunners. ABN Amro Bank N.V, BNP Paribas SA, DnB Bank ASA, Nordea Bank Norge ASA and Skandinaviska Enskilda Banken AB acted as lead arrangers and Danish Ship Finance, ITF International Transport Finance Suisse AG and KBC Bank NV as co-arrangers.

WFW London partner Michael O’Donnell led on the deal. WFW Hong Kong advised on Hong Kong law, WFW New York advised on Marshall Islands law and Belgian law firm Fransen Luyten advised on Belgian law.