NEWS

LNG Ship at Sea

WFW Asia Practice acts for Brunei Gas Carriers Sdn Bhd to secure a US$83 million secured Islamic finance facility to refinance the “Abadi”

24 July 2012

The Singapore office of Watson, Farley & Williams LLP (“WFW”), a leading international law firm, is pleased to announce that it advised Brunei Gas Carriers Sdn Bhd (“BGC”) on the raising of US$83 million to fund the refinancing of existing facilities for the LNG vessel called the “Abadi”. The WFW Singapore office also acted for BGC for the existing Abadi facilities.

BGC, incorporated in Brunei Darussalam and a well-established LNG vessel owner, has arranged a long-term Islamic financing facility of up to US$83 million with Bank Islam Brunei Darussalam Berhad. The above facility is centered around an Ijara structure and involved a transfer of the Abadi to a newly formed SPV of BGC.

The transaction was led by partner Chris Lowe who was assisted by associates Shawn Er and Dan Saunders.

Partner Chris Lowesaid: “We were delighted to work with BGC again on this Shariah compliant refinancing of the Abadi which I believe is key to facilitating BGC’s long term supply commitments to its LNG customers”.