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WFW Asia Practice acts for The Korea Development Bank on US$334m loan to Polaris interests

1 November 2012

The Singapore office of Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has acted for The Korea Development Bank as facility agent on the English law aspects of a senior term loan facility of US$334 million loan to 10 special purpose companies in order to finance part of the acquisition cost of 10 x 300,000 dwt bulk carriers from Seamar Shipping Corporation.

The vessels are bareboat charter to Polaris Shipping Co. Ltd on delivery and have been chartered to Vale International S.A. under time and consecutive voyage charters. The scope of English law work included facility security and intercreditor arrangements between the various stakeholders.

The WFW Singapore team was led by partner Simon Petch who was assisted by associate Angelique Kounis.