George Procopiou-backed Pure Energy has signed a $1.1bn sale-and-leaseback transaction with China’s CMB Financial Leasing for five 200,000-cbm LNG carriers originally contracted by Dynagas.
These are understood to be the five newbuildings that private Procopiou firm Dynagas ordered last year at HD Hyundai Heavy Industries and which TradeWinds has already reported about.
Law firm Watson Farley & Williams (WFW) advised CMB Financial Leasing on the deal, which includes pre-delivery and post-delivery financing arrangements for vessels set to operate under long-term agreements by multiple chartering groups.
Pure Energy is controlled by the Greek shipowner and focuses on the adoption of clean-energy solutions through sustainable practices and digital innovations.
Shanghai-based CMB Financial Leasing, a subsidiary of China Merchants Bank, provides financial leasing solutions to large, medium and small businesses across China.
WFW’s assets and structured finance team in Hong Kong, which advised CMB Financial Leasing, was led by partner Christoforos Bisbikos, with support from partner Dora Ying and associate Jennie Wong.
“We are thrilled to be involved in a significant transaction for a long-standing client [CMB Financial Leasing],” Bisbikos said.
“This transaction is a testament to [CMB Financial Leasing]’s capacity to support its clients in capital-intensive projects such as this one which involves the financing of very large LNG carriers. This demonstrates our ability in handling complex cross-border transactions,” he added.
