30 March 2015
Leading international liquefied petroleum gas (LPG) shipping company Dorian LPG was advised by the New York office of Watson Farley & Williams (“WFW”) on the US$758m financing of 18 newbuild very large gas carrier vessels (VLGC). The transaction is a transformative deal for Dorian LPG, more than trebling the size of a fleet that is already one of the leading dedicated VLGCs operators in the world.
The Marshall Islands-incorporated, pure-play LPG shipping company will be taking possession of the new ECO VLGC vessels built at Hyundai Heavy Industries and Daewoo Shipping and Marine Engineering in 2015 and 2016.
The US$758,105,296 facility was provided by a syndicate of banks, with ABN AMRO Capital USA LLC serving as administrative agent, global coordinator and security agent, and includes Citibank N.A., London Branch, Commonwealth Bank of Australia, New York Branch, ING Bank N.V., DVB Bank SE, The Export-Import Bank of Korea (“KEXIM”), Deutsche Bank AG, Hong Kong Branch, Santander Bank, N.A. and DZ Bank AG.
The facility also has export credit agency backing from KEXIM and Korea Trade Insurance Corporation (“K-Sure”).
This milestone deal for Dorian LPG was led by finance partner and Head of WFW New York Daniel Rodgers. He was assisted by senior associate Marsila Karpida and associate Ashley Laurie.
Partner Daniel Rodgers commented: “This deal, with the vast increase in the size of its fleet it entails, is a significant step in Dorian LPG’s evolution as a leader in the LPG shipping market. We’re very pleased to have been instructed by Dorian on this key transaction.”