International law firm Watson Farley & Williams advised Norway-based floating LNG giant Höegh LNG on the $230 million debt financing for its eighth floating storage and regasification unit currently under construction at Hyundai Heavy Industries in South Korea.
The facility comprises a twelve-year export credit agency term loan of up to $150m backed by Garantiinstituttet for Eksportkreditt and Eksportkreditt of Norway, and a five-year non-amortising commercial bank loan of up to $80m funded by ABN AMRO Bank, Danske Bank, Nordea and Swedbank.
The facility is available to fund 65% percent of the FSRU’s delivered cost of with no employment requirement, increasing to 75% upon securing long-term employment.
Oslo-based Höegh LNG currently has seven FSRUs in operation and three FSRUs under construction at Hyundai Heavy and Samsung Heavy.
The company’s eighth FSRU has a regasification capacity of 750 MMscf/day and is due to be delivered in the first quarter of 2018.
The WFW London team advising Höegh LNG was led by Partner and Global Maritime Group Head Lindsey Keeble, assisted by Senior Associate Kate Silverstein.