BW LPG wins award for USD 400m ECA Facility
BW LPG won an award by Trade Finance for its debt facility of USD 400m at the recent 2016 Trade Finance Awards held in Singapore on 24 February 2016. The award recognised this transaction as the best deal of 2015 in the Export Credit Agency category across Asia Pacific, America and EMEA. BW LPG had signed the USD 400m debt facility in February 2015, for the financing of seven of its VLGC newbuildings, on order from Hyundai Heavy Industries (HHI).
The financing has been raised from The Export-Import Bank of Korea (“KEXIM”) as Export Credit Agency (ECA) lender, with DNB Asia Limited (“DNB”) and Skandinaviska Enskilda Banken AB (Publ), Singapore Branch, (“SEB”) as Mandated Lead Arrangers and commercial lenders. DNB and HSBC Bank Plc. (“HSBC”) acted as ECA structuring advisors with HSBC also acting as ECA coordinator.
Commenting on the win, BW LPG CFO Elaine Ong said, “This market leading financing was a culmination of substantial efforts from our team and all banks and financial instituitions involved, to all of whom we would like to express our sincere gratitude."
Celebrating the best in class in trade, export and commodity finance over the past year, the Trade Finance Awards for Deals of the Year recognises excellence, quality and innovation in deals in each region across a number of sectors. The editorial staff of Trade Finance, in consultation with leading market participants, pick the winning deals.