International law firm Ince & Co advised the banks arranging a US$250 million loan facility to Hoegh LNG, financing the construction of a floating storage and regasification unit (FSRU) to be delivered for the Klaipedos Nafta FSRU project in Lithuania.
The co-arranging banks were DNB Bank, Nordea Bank, Skandinaviska Enskilda Banken and Swedbank and the facility was guaranteed by Korean export credit agency K-sure and Norwegian export credit agency GIEK.
The FSRU, which is under construction at Hyundai Heavy Industries in Korea, will be used as a liquefied natural gas import terminal at Klaipeda port in Lithuania and the project has been backed by the government of Lithuania as a means of accessing the international gas markets. The FSRU is expected to be operational by Q3 2014.
Ince & Co finance partner Dean Norton (pictured), who led the team advising the banks on the financing, commented:“The transaction structure was complex and challenging but the financing was closed according to schedule and we are delighted to have been involved as counsel to the banks.”
