WFW advises Banco Santander on the US $ 71.1 million Ok-SURE mortgage facility for Evergreen
Watson Farley & Williams LLP (“WFW”) suggested Banco Santander, SA (“Banco Santander”), by means of its Hong Kong department, as lender, amenities and safety officer, and Korea Commerce Insurance coverage Company (“Ok-SURE”) on a US $ 77.1 million time period mortgage facility backed by Ok-SURE for Evergreen Marine Company (Taiwan) Ltd. (“Evergreen”) to finance the acquisition of 4 new container ships.
The container ships, which can fly underneath the Taiwanese flag on supply, are underneath development at Hyundai Mipo Dockyard Co., Ltd., South Korea. This ten-year financing represents the primary financing supported by Ok-SURE for the Evergreen group.
Banco Santander is a number one retail and business financial institution, based in 1857 and based mostly in Spain. It’s the sixteenth largest monetary establishment on this planet. As a part of its sustainability initiatives, it goals to boost greater than € 120 billion in inexperienced finance by 2025. On the finish of 2020, Banco Santander had greater than € 1 million in funds in complete. and 148 million prospects worldwide. Based mostly in Taiwan, Evergreen is without doubt one of the largest container ship operators on this planet, with a fleet of over 150 container ships.
The WFW Hong Kong maritime staff was led by Associate Madeline Leong and supported by Senior Registered Overseas Lawyer (England & Wales) Jonathan Keats and his companion Kristy Kong.
Madeline Leong stated, “We’re very happy to have efficiently suggested this landmark transaction for a market chief, ECA-backed first financing for Evergreen. This settlement underscores WFW’s standing as a number one authorized advisor within the ship finance trade, notably in relation to ECA finance, and we look ahead to advising you on extra of those transactions on the to return up “.
Supply: Watson Farley & Williams LLP (“WFW”)