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WFW advises ING Bank on sustainability-linked JOLCO with Stolt-Nielsen and FPG10 August 2022

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Watson Farley & Williams (“WFW”) has advised ING Bank N.V. (“ING”) as agent and security agent and ING Bank N.V., Tokyo Branch (“ING Tokyo”) as bank and mandated lead arranger on a US$127.66m sustainability-linked Japanese Operating Lease with Call Option (“JOLCO”) with Stolt Tank Containers Leasing Ltd. (a subsidiary of Stolt-Nielsen Limited) as lessee, Financial Products Group Co., Ltd. (“FPG”) as equity provider and FPG Asset & Investment Management B.V. (“FPG AIM”) as JOLCO arranger for three portfolios of container boxes.

The interest rate under the term loan facility is linked to an annual ESG score calculated and assigned to the Stolt Tank Containers business.

The WFW Singapore Assets & Structured Finance team that advised ING was led by Partner Lizzie Roe, supported by Associate Andy Wilson.

Lizzie commented: “We’re delighted to have advised ING on this unique deal combining a sustainability-linked loan with a JOLCO structure, which once again proves WFW’s standing as the ‘go-to’ law firm for JOLCO and sustainable shipping transactions”.

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