A US$360 million loan facility to support the construction of two new liquid natural gas (LNG) vessels has been awarded the Marine Money Deal of the Year - Project Finance East.

Singapore office advised Sumitomo Mitsui Banking Corporation (SMBC)as lead arranger on secured loan facilities up to US$360 million for the purchase of two LNG new buildings by SPVs owned by BW Pavilion (which is a joint venture between BW and Pavilion Energy).

Ince and its alliance partner Incisive Law LLC,  jointly acted as English and Singapore Counsel for SMBC, the agent bank in a syndicate of banks/financial institutions which included OCBC, CIC, DBS, Société Générale and the financial institution Clifford Capital. SMBC was also the Facility Agent, Security Trustee and Account Bank.

This deal is a key part of Singapore’s plan to be a leading LNG import and trading hub and these vessels are the first to import LNG as part of this plan.  

The transaction team was led by partner Martin Brown and included Devandran Karunakaran, Charmaine Lim, Corin Ricketts, and Jonathan Lim. Bill Ricquier advised from Incisive Law LLC.