Ince & Co Singapore acted as lead legal counsel to a syndicate of banks, led by SMBC, as Coordinating Bank, with respect to two non-recourse term loan facilities of US$180 million each provided to BW Pavilion LNG for the purpose of acquiring two newbuild LNG vessels (the BW Pavilion Vanda and BW Pavilion Leeara) built at Hyundai Heavy Industries. The other banks in the syndicate were OCBC, CIC, DBS, Société Générale and the financial institution Clifford Capital. SMBC is also the Facility Agent, Security Trustee and Account Bank.
This deal garnered a lot of interest from the shipping market since both vessels will be on long term charters to Pavilion Gas, a wholly-owned subsidiary of Pavilion Energy, and the owning entities are part of joint venture arrangements between BW Gas and Pavilion Energy. This long-term facility is arranged at competitive and flexible terms that supports BW Pavilion LNG’s expansion strategy and safeguards access to long term sustainable funding.
The Ince team was led by Martin Brown, head of the firm’s ship finance team in Singapore, senior associate Devandran Karunakaran and associate Charmaine Lim. The Ince team also included advice from their local alliance partner Incisive law LLC; joint managing director Bill Ricquier and associate Nirev Shah. Watson Farley & Williams advised the owner in a team led by Madeline Leong.
The Ince team was led by Martin Brown, head of the firm’s ship finance team in Singapore, senior associate Devandran Karunakaran and associate Charmaine Lim. The Ince team also included advice from their local alliance partner Incisive law LLC; joint managing director Bill Ricquier and associate Nirev Shah. Watson Farley & Williams advised the owner in a team led by Madeline Leong.
Nicholas Gleeson, CFO of BW Group commented, “With an expanding fleet of well-built and well-maintained vessels, BW continues to provide outstanding service to customers. We have strong ambitions in the LNG sector and through our joint venture with Pavilion Energy, these vessels will continue our steady growth in the sector.”
Commenting on the deal, Ince lead partner, Martin Brown said, “We are delighted to be involved in this significant transaction, and to be part of the team putting together the deal that will enable BW Pavilion LNG to expand its fleet in the LNG sector. We are also pleased to have the opportunity to work with SMBC, one of the leading arrangers of syndicated shipping transactions. It was a great opportunity for the team to demonstrate once again, our strong and efficient commercial approach to deal execution in Singapore.”
