Watson Farley & Williams has represented CSSC (HK) Shipping Co Ltd (CSSCL) on a $245 million, ten-year club senior secured loan to build six Newcastlemax bulk carriers, with Norton Rose Fulbright advising the facility agent.
CSSCL is the ship-owning and leasing unit of state-authorised China State Shipbuilding Corp (CSSC), one of the largest shipbuilders in the country. Beijing-headquartered CSSC is owned by the Assets Supervision and Administration Commission of the State Council.
The loan facility was led by Standard Chartered Bank and Bank of America, which were joined by Société Générale. The six bulkers were ordered in 2014, with two already delivered and the remaining four still under construction.
WFW partner Christoforos Bisbikos oversaw the transaction, the first international syndicated financing for CSSC.
