BW Pavilion LNG, a joint venture between BW Group and Pavilion Energy, has secured loan facilities of US$360 million in total to fund its two LNG newbuildings .
Ince & Co Singapore said on Friday that it has acted as lead legal counsel to a syndicate of banks, led by SMBC, 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 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.
According to Ince & Co, 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.
BW and Pavilion Energy have last year entered into an agreement to form BW Pavilion LNG. The JV aims to acquire, manage and charter maritime LNG assets, including carriers.