Ship's Bow

WFW advises TeraSea on a US$53m export credit backed loan facilities made available by SMBC and JBIC

25 April 2012

The Singapore office of Watson, Farley & Williams LLP (“WFW”), a leading international law firm, is pleased to announce that it has advised TeraSea Pte. Ltd., a joint venture between Singapore listed Ezion Holdings and Seabridge Marine Services, in relation to loan facilities each made available by Sumitomo Mitsui Banking Corporation (“SMBC”) and Japan Bank for International Cooperation (“JBIC”) in an aggregate of USD 53 million.

The loans are backed by Nippon Export and Investment Insurance (“NEXI”) who will provide a 6 year US$26 million buyer’s credit insurance to cover the loans granted by SMBC.

Proceeds of the facilities will be used to fund the construction of two ocean towing/salvage tugs at Japanese shipbuilder Universal Shipping Corporation.

The WFW Singapore team consisted of partner Andrew Nimmo and associate Nick Zaklama.

Andrew Nimmo comments: “We’re delighted to have had the opportunity to work on this highly successful transaction which marks the first facilities into this interesting new joint venture.”