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Lauritzen 1 & 2 – ECA ship financing
02 March 2011
J Lauritzen gets new sea legs from Asia
For Danish shipping company J Lauritzen 2010 was a particularly successful year with the conclusion of two landmark deals sourcing new vessels from Asian shipyards. In particular, these two deals saw the company work with non-European export credit agencies (ECAs) for their financing needs for the first time. The transactions have thus widened the financing options for J Lauritzen for future purchase contracts.
In the Lauritzen 1 financing, Société Générale CIB (SG CIB) acted as coordinating arranger bank and security agent. It was joined by BTMU acting as MLA and facility agent. The total export credit facility arranged was ¥15.5 billion ($192 million), with 95% commercial cover being provided by Nippon Export and Investment Insurance (Nexi).
The transaction finances the purchase by J Lauritzen of six bulk carriers to be constructed in three...
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