WFW advises BPER Banca, CDP, Banca Popolare di Sondrio and SACE on €31.5m Fratelli Cosulich financing
Watson Farley & Williams (“WFW”) has advised a consortium of banks comprising BPER Banca S.p.A., Cassa Depositi e Prestiti S.p.A. (”CDP”), Banca Popolare di Sondrio S.c.p.A. and SACE S.p.A., as lenders on a €31.5m loan to Fratelli Cosulich LNG S.r.l. (“Fratelli Cosulich”) to finance the construction of an 8,200mc gas carrier for the supply of LNG bunkering services.
The loan, secured by a SACE Green Guarantee, in accordance with the provisions of Italy’s “Simplification Decree”, will cover 70% of the total value of the entire vessel, equivalent to c. US$45m. It will be disbursed by the financing institutions to cover the agreed instalments due to Chinese shipyard Nantong CIMC Sinopacific Offshore & Engineering Co. Ltd.