Global legal practice Norton Rose Fulbright advised a syndicate of lenders on a limited recourse financing to PT Hoegh LNG Lampung for the purpose of financing the construction of one LNG Floating Storage and Regasification Unit (FSRU) under construction in Korea and the procurement of a tower yoke mooring system.
The FSRU was delivered to PT Hoegh LNG Lampung last week and is en route to Indonesia where she will be employed offshore south Sumatra under time charter to PT PGN LNG Indonesia, a subsidiary of PT Perusahaan Gas Negara (Persero) Tbk for an initial period of 20 years.
The syndicate of lenders was co-arranged by The Bank of Tokyo-Mitsubishi UFJ, Ltd., DBS Bank Ltd., Korea Development Bank, Oversea-Chinese Banking Corporation and Standard Chartered Bank Limited. The financing consists of a US$299 million commercial and ECA-backed loan facilities and a US$10.7 million Standby Letter of Credit Facility to PT Hoegh LNG Lampung. K-sure provided ECA support.
Norton Rose Fulbright’s Singapore office acted as lenders’ lead counsel, led by Gervais Green, Kate Magnin (Sherrard) and Robert Driver and supported by Grant Schulz, Sue Ann Gan, Wei Tin Liew, Pauline Percereau, Gregory Xu, Lisa Law, Corinne Rathie and Bo Lee. Norton Rose Fulbright’s affiliate office in Jakarta advised lenders on aspects of Indonesian law, led by partner Tasdikiah Siregar and assisted by associate Muhammad Ikhsan. The London team, advising lenders on the hedging arrangements, was led by Of Counsel James Atkinson and supported by Graham Bryant.
Baker Botts LLP in London and Hong Kong advised PT Hoegh LNG Lampung.
