BW Pavilion LNG attains funds for new LNG tankers

Recently, BW Pavilion LNG – a joint venture between BW Group and Pavilion Energy – announced that it has secured a loan of US$360 million, which it will use to fund to its two new LNG vessels: BW Pavilion Vanda and BW Pavilion Leeara. The vessels will be built at Hyundai Heavy Industries.

The CFO of BW Group, Nicholas Gleeson, stated: “With an expanding fleet of well-built and well-maintained vessels, BW continues to provide outstanding service to customers. We have strong ambitions in the LNG sector and through our joint venture with Pavilion Energy, these vessels will continue our steady growth in the sector.”

Serving a syndicate of banks, Ince & Co. Singapore acted as the main legal counsel, advising on two non-recourse term loan facilities totalling US$360 million. Other banks in the syndicate included OBC, SMBC, DBS, CIC, Clifford Capital and Société Générale. Ince has also added that both of the LNG vessels will be on long-term charters to the Pavilion Energy subsidiary – Pavilion Gas.

Martin Brown, the Lead Partner of Ince, claimed: “We are delighted to be involved in this significant transaction, and to be part of the team putting together the deal that will enable BW Pavilion LNG to expand its fleet in the LNG sector. We are also pleased to have the opportunity to work with SMBC, one of the leading arrangers of syndicated shipping transactions. It was a great opportunity for the team to demonstrate once again, our strong and efficient commercial approach to deal execution in Singapore.”

Edited from various sources by David Rowlands

Read the article online at: https://www.lngindustry.com/lng-shipping/21092015/bw-pavilion-lng-attains-funds-for-new-lng-tankers-1326/