News

News from our Members and Partners

31 January 2019

WFW advises BNP Paribas on US$439m SINOSURE-backed financing of 86 MSC scrubbers

Watson Farley & Williams (“WFW”) advised BNP Paribas (“BNPP”) as co-ordinating bank and agent, together with a syndicate of four other banks as lenders, in connection with a US$439m SINOSURE-backed financing of 86 exhaust gas cleaning systems (“scrubbers”) for the MSC Mediterranean Shipping Company SA (“MSC”) group.

The loan will be used to finance the manufacturing and installation of the scrubbers on board 86 container ships owned by the MSC group in light of the implementation of the International Maritime Organisation’s low sulphur cap regulations in 2020.

The WFW Paris team advising BNPP was led by Finance Partner Alexia Russell, supported by Associates Konstantina Kyprianidou and Parit Patani. WFW Paris were assisted by Alasdair McKenzie of Mourant Ozannes and Clement Neveceral of Schellenberg Wittmer providing Guernsey and Swiss law advice respectively.

Alexia commented:

“We are very pleased to have advised BNPP and the other lenders on this milestone deal, which marks the first scrubber financing between the parties highlighting MSC’s environmental commitment and its firm support by the lenders in light of the new IMO-2020 sulphur cap.”

 

About Watson Farley & Williams:

Watson Farley & Williams is an international law firm with offices in Athens, Bangkok, Dubai, Frankfurt, Hamburg, Hong Kong, London, Madrid, Milan, Munich, New York, Paris, Rome and Singapore. The firm currently has 500+ lawyers and over 900 staff. Watson Farley & Williams is a leading international law firm providing services of high quality and value to clients throughout a range of industry sectors, with particular focus on: Energy & Infrastructure, Maritime, Natural Resources, Real Estate and Transport. Lawyers from our international offices work as integrated teams to provide practical, commercially focused legal services. Our locations allow us sufficient geographical spread to be competitive in the global market and to provide consistently high quality legal services to our clients. w: www.wfw.com

Member Highlight

Babcock International Group

The UK's leading engineering services company delivering a wide range of complex through-life engineering services to commercial and defence markets in the UK and overseas.

Read more