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LNG Ship at Sea

WFW Asia Practice LLP advises on high profile KOGAS project financing valued in excess of US$356 million

20 December 2012

The Singapore office of Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it advised on the high profile Korea Gas Corporation (“KOGAS”) refinancing for three 2000 built LNG carriers. The 135,000 cbm built LNG carrier “Hanjin Sur” is on bareboat charter to Hanjin Shipping Co., Ltd, the 135,000 cbm built LNG carrier “SK Supreme” is on bareboat charter to SK Shipping Co., Ltd. and the 135,000 cbm built LNG carrier “Hyundai Cosmopia” is on bareboat charter to Hyundai Merchant Marine Co., Ltd. All three LNG carriers are operating under long term contracts of affreightment with KOGAS.

WFW represented the lenders on facilities valued in excess of US$356 million, the lead arrangers for which were Banc of America Leasing & Capital, LLC, Australia and New Zealand Banking Group Limited, Crédit Industriel et Commercial, Singapore Branch and The Bank of Nova Scotia Asia Limited. Bank of America, N.A. led the syndicate as Agent and Security Trustee (and Bookrunner).

WFW Singapore advised the lenders on the financing documents, the project documents and various sponsor support issues.

The transaction team consisted of partner Goh Mei Lin and associates Jesse Clark and Catherine Allcock.