The Athens office of global law firm Norton Rose Fulbright has advised Citigroup and Nordea Bank and a syndicate of lenders, on a US$1.3 billion Korean ECA-backed loan facility for GasLog Ltd, the NYSE-listed owner, operator and manager of liquefied natural gas (LNG) carriers. The loan facility will be used by GasLog to finance its newbuilding programme of eight new build LNG carriers, under construction in Korea by Samsung and Hyundai, and most of which are chartered to BG Group.

Citigroup and Nordea Bank acted as joint mandated lead arrangers. The transaction involved an international and versatile syndicate of 15 lenders and ECA support by Korean export credit agencies Korea Trade Insurance Corporation (K-sure) and Export-Import Bank of Korea (KEXIM).

The financing was led by Athens banking and finance partner Yianni Cheilas, supported by senior associates Marietta Gkatzi and Niki Alexandrou, and associate Dimitrios Beis.

Yianni Cheilas, partner, Norton Rose Fulbright, commented:

“This is a landmark deal and one of the most significant debt finance transactions in recent years, both in the LNG space and in shipping in general. The multiple parties and the sheer size of the transaction, which involves a triple ECA wrap, make it unique. Its successful conclusion during what are difficult times in shipping, energy and offshore markets, signifies the confidence of the lenders in the parties and the ability of strong players to secure finance even in challenging markets.”

The financing closed in October 2015. GasLog Ltd was advised by CMS Cameron McKenna, London.

In October Norton Rose Fulbright was named Maritime Lawyer of the Year at the Lloyd’s List Global Awards. The firm’s Greek shipping practice is ranked in Tier 1 by leading legal directory Chambers Europe 2015 and its global shipping finance practice is also ranked in Tier 1 by Chambers Global 2015.