Global law firm Norton Rose Fulbright has advised Société Générale on the USD227m financing of the purchase of ten 46,000 dwt medium range tankers by Oman Shipping Company.
Société Générale acted as sole arranger and sole underwriter of the whole transaction, which included a combination of commercial debt and export credit agency financing. As mandated lead arranger, the bank structured, arranged, coordinated and syndicated two loan facilities. Seven of the ten vessels were covered by a 12-year ECA facility combined with a tied commercial loan, by the Korean ECA, K-Sure. Three vessels were financed under a seven-year mortgage loan.
Fully owned by the Sultanate of Oman, Oman Shipping Company raised USD227m to finance this purchase, the latest in a series of private commercial facilities the Sultanate has sanctioned since the fall in oil prices prompted the country to begin fund raising exercises. All ten vessels, flying under Marshall Islands flag, were built by Hyundai Mipo Dockland in Korea and chartered to Shell Tankers Singapore for seven years.
Christine Ezcutari, partner, head of banking and finance at Norton Rose Fulbright Paris, comments:
“ We are proud to have been part of this new financing which demonstrates that some areas of shipping finance are still active, especially with export credit support. The transaction was very complex and challenging and represents a key achievement in today’s market.”
Crédit Agricole Corporate & Investment Bank, the Korea Development Bank and ABN Amro were also involved in the financing package.
The New-York and Paris based teams at Norton Rose Fulbright that advised Société Générale was led by Christine Ezcutari in Paris and Brian Devine, New-York partner. They were assisted by of counsel Véronique Bruel and Kassandra Lydia Savicki, senior associate Anne-Laure Roche, and Paolo Pinna.
For further information please contact:
Carole Guettier, Senior business development manager, Norton Rose Fulbright
Tél: + 33 (0)1 56 59 52 75
Charles Billiard, Communication Executive, Norton Rose Fulbright
Tél: + 33 (0)1 56 59 52 96
Guillaume Mandrou, Agence Weber Shandwick
Tél : +33 (0)1 47 59 38 70
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