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Bank of China participates in $633 million syndicated loan for construction of four 12,000 TEU and four 15,000 TEU vessels
| Funder | Bank of China (BOC) |
|---|---|
| Recipient Organization | Special Purpose Vehicle Owned by Seaspan Corporation |
| Country | Marshall Islands |
| Start Date | Oct 28, 2021 |
| End Date | Nov 27, 2028 |
| Duration | 2,587 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 95562 |
Grant Description
Bank of China participates in $633 million syndicated loan for construction of four 12,000 TEU and four 15,000 TEU vessels in Marshall Islands 2021 On October 28, 2021, a special purpose vehicle (SPV) that is wholly owned by Seaspan Corporation (a company that is incorporated under the laws of the Republic of the Marshall Islands) signed a $633 million syndicated buyer’s credit agreement with HSBC, Citi, Bank of China, BNP Paribas, Société Générale, Deutsche Bank, ING Bank.
HSBC also acted as the global coordinator, ECA agent, mandated lead arranger and bookrunner.
However, it is known that the loan is backed by a Sinosure credit insurance policy. The purpose of the project is to facilitate the construction of four 12,000 TEU and four 15,000 TEU vessels. Yangzijiang Shipbuilding is the contractor responsible for the construction of the 8 vessels.
Staff Comments
- The size of Bank of China’s financial contribution is unknown. For the time being, AidData assumes equal contributions ($90,428,571) across the 7 known members of the lending syndicate.
- The transaction has a JOLCO structure. A JOLCO is an operating lease for the purposes of accounting and tax, which gives the lessee an option to purchase the aircraft at the end of the lease, or at some point during the lease period, at the purchase price determined at the commencement of the lease. The transaction represented the first time an ECA had provided export credit insurance for a JOLCO transaction in the shipping sector.
Sources & References
- TXF Lisbon: Top takeaways and DoY awards results
- Seaspan Announces Closing Of Innovative $838mn ECA-Backed JOLCO Financing
- Seaspan Corporation - Sinosure Covered Loan
- Squire assists Seaspan in innovative structured financings
- Seaspan taps ECA support for two container ship deals
- CIP
- Orsted scoop major honours in Triple A Sustainable Infrastructure Award Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Special Purpose Vehicle Owned by Seaspan Corporation
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