Law firm Stephenson Harwood LLP has advised BNP Paribas on a $205.8 million financing comprising a pre-delivery bridge facility and Japanese Operating Lease with Call Option (JOLCO) for two newbuild liquefied gas carriers for Navigator Holdings Ltd (‘Navigator Gas’).
BNP Paribas acting through its office in Paris, has agreed to provide a secured pre-delivery term loan facility of up to $164.6 million to Navigator Gas, the owner and operator of the world’s largest fleet of handysize liquefied gas carriers, to fund the construction of two new gas carriers by Jiangnan Shipyard (Group) Co., Ltd. and China Shipbuilding Trading Co., Ltd. in China. On delivery of the vessels, the term loan will be refinanced by, and transition into a long-term JOLCO financing arranged by BNP Paribas acting through its Tokyo Branch, marking Navigator Gas’s first use of this structure, representing a significant step in the evolution of Navigator Gas’ funding strategy, supporting its continued fleet development. SBI Leasing Services is acting as JOLCO equity underwriter to provide the equity portion of the JOLCO financing, with delivery of the vessels expected in 2027.
Partner Shaun Park said, “We are pleased to have advised our long-standing client BNP Paribas on another significant JOLCO transaction, involving SBI Leasing Services and Navigator Gas, a global leader in the maritime transportation of petrochemical gases, which highlights our team’s expertise in delivering sophisticated solutions for complex cross-border leasing and structured finance transactions.”
The Stephenson Harwood team was led by Partner Shaun Park, supported by Managing Associate Hannah Marriott, Associate Farah Butt and Transaction Specialist Pippa Sharratt. Partner Vanessa Tzoannos provided Marshall Islands counsel, supported by Associate Glafki Setta.
