Watson Farley & Williams (WFW) advised Sumitomo Mitsui Banking Corporation Brussels Branch (SMBC) on the Japanese Operating Lease with Call Option (JOLCO) financing of a portfolio of shipping containers for Hapag-Lloyd.
SMBC provided debt financing to the lessor, whilst SMBC Bank International plc acted as facility agent and security agent.
SMBC offers corporate and investment banking, structured finance, corporate finance, global markets and sustainability solutions. The branch has more than 100,000 employees across 40 countries. The company has total assets exceeding US$1.73tn. It serves a diverse international client base through its extensive global network and comprehensive range of banking and financial services.
Hapag-Lloyd has a fleet of 302 modern container ships and a total transport capacity of 2.5m TEU. Its 133 liner services worldwide ensure fast and reliable connections between 600 ports on all continents.
Cross border expertise supports complex container financing
The cross-border WFW Maritime team that advised SMBC was led by Frankfurt Finance Partner Frederik Lorenzen. Counsel Andrey Latyshev and Associates Müyesser Demirel and Leon Rupp also supported the team. They worked closely with London Partner Maren Brandes and Senior Associate Parit Patani on English law matters, as well as London Partner Rob McBride and Associate Ambrose Ip on the derivatives aspects of the transaction.
Frederik Lorenzen commented, “We are delighted to have advised SMBC on this important transaction. Leveraging our extensive experience in both JOLCO transactions and container financings, we were pleased to support our clients in bringing this complex cross-border transaction to a timely and successful completion. The matter demonstrates the depth of our international platform. Lawyers are working across multiple jurisdictions seamlessly as one team to deliver coordinated advice throughout the transaction”.
