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Stephenson Harwood (Singapore) Alliance advises Oversea-Chinese Banking Corporation Limited on JOLCO financing
Stephenson Harwood (Singapore) Alliance has advised Oversea-Chinese Banking Corporation Limited (OCBC) on two Japanese Operating Lease with Call Options (JOLCOs).
This transaction relates to the sale and leaseback with financing of two newbuild 13,900 TEU container vessels, built by Imabari Shipbuilding Co., Ltd. Stephenson Harwood acted for OCBC on the financing of the JOLCOs with Ocean Network Express Pte. Ltd. (ONE) as the lessee. The equity underwriter was Financial Partners Group Co., Ltd. (FPG).
Ocean Network Express Pte. Ltd. (ONE) is a Singapore-based leading container shipping company. FPG is a Japanese financial services company specialising in structured and asset-based financing.
The Stephenson Harwood (Singapore) Alliance team was led by Singapore-based Partner Pedram Norton, who was supported by Associates Yin Ling Ng and Jonathan Simpson. Further Singapore law advice was provided by Virtus Law Partner Colin Jarraw, who was supported by Associate Jamie Loh and Senior Paralegal Sylvia Lisa.