Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Santander Global Banking and Markets and Citibank NA, as part of a consortium of commercial lenders, on the financing facility for Compañía Sud Americana de Vapores (“CSAV”), the Chilean shipping line, relating to the acquisition of seven 9,300 teu container vessels from Samsung Heavy Industries Co., Ltd in Korea.

The acquisition of the newbuildings will be financed 60% by the bank loan while 40% of the funding will come from CSAV’s recent US$330 million equity financing. The new, larger vessels will replace the 6,500 teu vessels recently sold. The first ship is due for delivery at the end of 2014.

In addition to Santander Global Banking and Markets and Citibank NA, the full consortium of commercial lenders comprised Deutsche Bank AG (Hong Kong branch) and Korea Development Bank. The transaction was also supported by KEXIM (The Export-Import Bank of Korea) and K-sure (Korea Trade Insurance Corporation).

The WFW team was led by asset finance partner Andrew Baird, supported by associates Delphine Joly and Emeline Yew (all WFW London).

CSAV was represented by Linklaters partner Olga Petrovic.

Andrew Baird, asset finance partner at WFW, said: “We are delighted to have acted on this significant financing, tapping into WFW’s unparalleled asset finance experience internationally and helping to foster the growth of companies like CSAV in the shipping sector.”