BW Pavilion LNG Finds Funding for Newbuilding Pair
Singapore-based liquefied natural gas (LNG) shipping companies BW Group and Pavillion Energy have, through their joint venture BW Pavilion LNG, signed two USD 180 million non-recourse term loan facilities with a syndicate of banks to finance two LNG carrier newbuildings built by South Korea’s Hyndai Heavy Industries.
This deal garnered a lot of interest from the shipping market since both vessels - the BW Pavilion Vanda and BW Pavilion Leeara - will be on long term charters to Pavilion Gas, a wholly-owned subsidiary of Pavilion Energy, according to Ince & Co Singapore, a lead legal counsel to the syndicate of banks led by SMBC.
The other banks in the syndicate were OCBC, CIC, DBS, Société Générale and the financial institution Clifford Capital.
Nicholas Gleeson, CFO of BW Group said: “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.”
