법무법인(유한) 율촌 | Yulchon LLC

Yulchon's Finance Team successfully advised Korea Finance Corporation and Korea Development Bank on a USD 170 million ship financing deal for construction of two very large crude carriers (VLCC).
 

A joint overseas subsidiary of Korea Line Corporation and Daewoo Shipbuilding & Marine Engineering borrowed USD 170 million to finance the construction of two 318,000 DWT VLCC by Daewoo. The loan will be repaid with revenue earned by the operation of the ships.
 

Unlike traditional ship financing transactions, this deal concerned a joint venture between two unrelated companies, and posed difficult legal issues, including novel transaction structures. Yulchon's Finance Team suggested reasonable transaction structures and harmonized the interests of the parties to bring about a successful closing.