In London, international law firm Ince & Co advised United Arab Chemical Carriers (UACC) on a $280 million credit facility agreement with a consortium of eight international banks.
The mandated lead arrangers of the facility agreement are Citi, Nordea, Deutsche Bank, ITF Suisse, NIBC and Fortis Nederland. Societe Generale and Natixis are participants. The bookrunners of the facility are Citi, Nordea, and Deutsche Bank. Citi also acts as the Facility Agent and the Coordinating bank.
UACC, based in Dubai, is a product/chemical tanker owner. The loan, together with existing credit facilities, will provide finance towards UACC’s current fleet and new building program including an order of ten 45,000-dwt tankers currently under construction with SLS Shipbuilding in South Korea.
Commenting on the transaction, Mr. Ketil Ostern, SVP Finance: “The new facility is based on traditional ship finance principles and will enable UACC to move into the next phase of its development plan.”
Ince & Co partner David Baker said: “We were delighted to advise UACC on all aspects of this transaction. It is a credit to UACC that they have been able to attract a first class syndicate of banks notwithstanding the continuing difficult economic conditions. There are very few new syndicated transactions taking place in the Middle East right now. This finance will greatly aid UACC in their expansion strategy.”
Ince & Co’s team was led by partner David Baker. He was assisted by senior associates Jeff Morgan and Stuart Plotnek.
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