Awilco LNG Secures Sale and Leaseback for WilForce, WilPride

Oslo-listed shipping company Awilco LNG has secured the refinancing for its two 2013-built LNG carriers WilForce and WilPride.

On October 18, the company said that the term sheet for the refinancing of the 156,000 cbm units has been credit approved.

The sale and leaseback facility is provided by CCB Financial Leasing Co. Ltd. (CCBFL), a subsidiary of China Construction Bank (CCB), and is expected to enable a full take out of the company’s current sale and leaseback facilities at favorable terms, according to Awilco LNG.

The facility bears a 14-year straight line amortisation profile, a tenor of 10 years and carries a floating interest rate structure.

It is expected to close in the fourth quarter of 2019, subject to final documentation and customary closing conditions.

“We are pleased to mark the start of our long term relationship with CCBFL, a leading leasing house in China and part of one of the largest banks in the world, and believe the terms are attractive and supportive of the company’s commercial strategy,” Jon Skule Storheill, CEO of Awilco LNG ASA, said.