Norton Rose Fulbright advises Crédit Agricole CIB on US$488.5 million JOLCO and bridge financing

Global law firm Norton Rose Fulbright has advised Crédit Agricole Corporate and Investment Bank (CACIB) and a syndicate of international banks on a US$488.5 million JOLCO and bridge-loan financing of two newbuild 174,000cbm LNG vessels currently under construction at Samsung Heavy Industries.

The cross-border transaction comprised a conventional post-delivery JOLCO financing combined with a pre- and post-delivery bridge financing. Both financings incorporated innovative funding mechanics to allocate delivery funding to either the bridge financing or the JOLCO depending on various external factors at the time of delivery of each vessel.

CACIB acted as bookrunner, while CACIB, SMBC, Standard Chartered and OCBC acted as mandated lead arrangers and lenders.

The Norton Rose Fulbright team was led by London partner Matthew Bambury, supported by associate Rheya Panjwani and trainee Pranjal Pande. The Paris team comprised global co-head of transport Christine Ezcutari and associates Myriam Djoudi and Emilie Jacques.

Matthew Bambury commented:

"We are delighted to have supported our long-standing client Crédit Agricole Corporate and Investment Bank on this latest JOLCO financing involving Seapeak. The scale of the financing, and the unique funding arrangements, meant that it required creativity and collaboration in equal measure. We are always thankful to be entrusted with these types of market-leading mandates and it is rewarding to see these types of transactions come together."

Norton Rose Fulbright has extensive experience advising banks, lessors, owners and operators on international shipping finance, including complex finance and leasing transactions. Its global shipping practice is ranked Band 1 by Chambers and Partners 2026 for both Shipping: Finance and Asset Finance.