Walkers acted as Cayman counsel to a syndicate of financiers on a groundbreaking US$235 million Shari’a-compliant syndicated ship financing for ABGC, a joint venture between Al Seer Marine and BGN.
This newly secured US$235 million financing represents the second phase of a larger syndicated financing totaling US$370 million aimed at acquiring five dual-fuel-efficient vessels – with the first tranche being the first US dollar SOFR-based Islamic construction pre-delivery ship financing. The financing will facilitate the construction of an additional three cutting-edge very large gas carriers (VLGCs) in South Korea and Japan, following the successful delivery of the initial two vessels funded under the first tranche.
The syndicate of financiers comprised Abu Dhabi Islamic Bank (ADIB), Abu Dhabi Commercial Bank (ADCB), Commercial Bank of Dubai (CBD), National Bank of Fujairah (NBF) and The Islamic Corporation for the Development of the Private Sector (ICD), a multilateral development financial institution and the private sector arm of Islamic Development Bank (IsDB).
The Walkers team, led by Ciaran Bohnacker and Szymon Durlo, assisted with all Cayman Islands law aspects of the transaction in relation to the Cayman vessel holding entities.
Walkers' maritime finance team provides Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Irish and Jersey law advice on the financing (whether conventional or Shari’a-compliant) of a range of maritime assets and on sale and purchases, restructurings, workouts and enforcements. Walkers also provides expert legal advice to financiers, arrangers, private equity and hedge funds, ship owners and charterers active in the ship and offshore vessel markets on a wide range of matters. If you would you would like to know more or require legal advice on any offshore financing related issues, please contact either of the individuals listed below.