Watson Farley & Williams (“WFW”) advised Navigator Holdings Ltd (“Navigator”) on its new US$300m loan facility agreement with a syndicate of lenders led by Nordea Bank (“Nordea”) for the financing of eight vessels.
The senior term and revolving credit loan facility, which matures in 2031, was signed to refinance two existing facilities and will enable Navigator to borrow an additional US$142m for general corporate and working capital purposes at a low margin of 170 basis points. In addition to Nordea, the syndicate of lenders comprised Danish Ship Finance, Danske Bank, DNB, ING Bank and Skandinaviska Enskilda Banken.
London-headquartered Navigator is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation of liquefied and petrochemical gases.
The cross-border WFW Assets and Structured Finance team who advised Navigator was led by Dubai Partner Emily Widdrington, working closely with London Associates Jack Oldbury and Lottie Lymer and supported by Trainee Sofia Koukouli.
Emily commented: “We are delighted to have advised our long-standing client Navigator on this key milestone facility. The transaction underscores our unparalleled expertise in maritime financings and demonstrates how our deep sector knowledge and industry relationships have delivered exceptional value to our client”.
