Norton Rose Fulbright advises on two integral senior credit facilities

Business April 28, 2017

Global law firm Norton Rose Fulbright has advised Sumitomo Mitsui Trust Bank, Limited and the Korea Development Bank in respect of two senior credit facilities totalling US$54 million. The senior credit facilities are backed by two junior credit facilities totalling US$22 million provided by NTT Finance Corporation with equity input from SBI MONEY PLAZA Co., Ltd. (SBIMP). The purpose of the credit facilities is to finance two pure car and truck carriers, which are on charter to a car carrier operator under the flag of the Republic of Panama.

This was the first Japanese Operating Lease with Call Option (JOLCO) structure employed by the operator and remains a relatively new structure for non-Japanese shipping companies generally.

The team was led by Singapore-based partner Ben Rose with assistance from senior associate James Bradley and associates Llian Williams and Jaye Bhogal in Singapore.  Hong Kong law advice was provided by partner Jonathan Silver with assistance from senior associate Georgina Axon.

Ben Rose commented:

“This deal builds upon our experience and relationships within the wider asset finance sector, which has relied upon JOLCO structures as an integral tool to access capital, and illustrates our versatility in supporting our clients as they look to utilise such products in the shipping finance market”.

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