WFW advises Hoegh LNG on $200m FSRU financing

Law firm Watson Farley & Williams said it has advised Norway’s Höegh LNG on the recent $200 million debt financing for its ninth floating storage and regasification unit (FSRU).

The 170,000-cbm FSRU to be named Höegh Gannet is currently under construction at Hyundai Heavy Industries in South Korea.

The facility comprises a twelve-year export credit agency term loan of up to $132.5m backed by Korea Trade Insurance Corporation (K-Sure).

It also includes a five-year non-amortising commercial bank loan of up to $45m funded by ABN AMRO Bank, Bank of America N.A., DNB Bank ASA and Citibank, N.A. ABN AMRO also acted as agent and security agent.

The WFW London team advising Höegh LNG was led by Partner and Global Maritime Group Head Lindsey Keeble, assisted by Senior Associate Ida-Marie Oedegaard and Associate Laura Gerrard, WFW said.

To remind, Höegh LNG said last month it entered into a time charter contract with Spanish LNG player Naturgy for its ninth FSRU.

The time charter is to start in December 2018, immediately after the delivery of the unit and a positioning voyage from the South Korean shipbuilder.