Seaspan Corp has fixed $1.17bn of new financing for 15 dual-fuel container vessels on order in China.
The transaction was revealed by UK law firm Watson Farley & Williams (WFW), which advised French lender BNP Paribas (BNPP).
The bank acted as agent for Chinese export credit agency (ECA) Sinosure, which is backing the financing.
The funding is taking the shape of Japanese operating leases with call options (JOLCOs).
The 7,000-teu ships are being built at Jiangsu New Yangzijiang Shipbuilding for delivery in 2024.
They are part of a huge newbuilding drive from Seaspan, which has 59 units on order in total.
WFW said the transaction strengthens the US-listed tonnage provider's long-term liquidity.
French lender Societe Generale was the mandated lead arranger, and HSBC, Standard Chartered, Bank of China, Citibank and Bank of Communications were also involved.
In addition, Japanese lenders Development Bank of Japan and Sumitomo Mitsui Banking Corp were part of the syndicate.
The cross-border WFW assets and structured finance team that advised BNPP was led by Asia group head and Hong Kong partner Madeline Leong and partner Lizzie Roe.
Cutting-edge work
They were supported by associates Becky Zhu in Singapore and Milky Wong in Hong Kong.
New York finance partner Christopher Belisle and counsel Maxi Adamski-de Visser advised on Marshall Islands law matters.
Leong called the JOLCOs “cutting-edge financial structures at the vanguard of innovation in the maritime space” that also form part of the owner’s ESG strategy.
WFW also advised on the first two JOLCO transactions involving Seaspan.
US law firm Squire Patton Boggs acted for the shipowner.
