Container Ship at Sea

WFW advises Nordea Bank on US$300million loan to United Arab Chemical Carriers

27 May 2014

Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Nordea Bank Norge ASA (“Nordea”) as bookrunner, facility agent and security agent for a syndicate of six lenders on a US$300 million credit facility to United Arab Chemical Carriers (“UACC”).

UACC is using the funds to refinance existing syndicated facilities, and also to provide finance for the purchase of five modern product and chemical tankers, which it is currently adding to its fleet. UACC also acquired four modern chemical tankers last month.

WFW advised Nordea as facility agent, security agent, bookrunners and one of six mandated lead arrangers on the deal, of which US$109m will be used to finance UACC’s new purchases and U$191m used to refinance the existing debt.

Nordea is the largest financial services group in Northern Europe, a leading financier in the maritime industry and long-time client of WFW. In April, WFW advised Nordea on a US$500m loan to Euronav.

The WFW deal team was leading by London maritime partner Nigel Thomas, supported by senior associate Charlotte Turner and associate Joanna Goode.

Nigel Thomas, said:“We are delighted to advise our valued, long-term client, Nordea Bank, on another significant transaction. The deal was completed within a demanding timeframe, but our experience acting several times previously for the lender to UACC, assisted us in meeting the schedule. ”