29 April 2016
International law firm Watson Farley & Williams (“WFW”) advised ING Bank N.V. (“ING”) as global co-ordinator and a mandated lead arranger on the US$221m KSURE-backed secured debt financing to Oslo-listed BW LPG, in relation to the funding of four VLGC new build vessels.
The consortium of banks led by ING included KFW IPEX-Bank, OCBC and Standard Chartered Bank. The VLGCs are four in a series of twelve VLGC new build vessels in the order book of BW LPG. The delivery of the first VLGC is scheduled for 9 May 2016.
The WFW team was led by Madeline Leong, Head of the International Finance team and Head of the WFW Hong Kong office, supported by senior associate Tom Van Hoof and associate Andrew Chou.
WFW partner Madeline Leong commented: “This transaction demonstrates the banks’ support behind good owners like BW LPG during these challenging times in the maritime sector. We value the work we have delivered to the lenders and co-operation we have had with BW LPG which ensured a successful closing of this financing.”