The facilities are for Nigeria-based L. A. T. C. Marine Limited.
The ECA involved in both facilities was Atradius.
Damen Shipyards Group was the exporter and Nigeria-based Fidelity Bank was the guarantor.
The tenor for both facilities is five years with 10 equal and consecutive semi-annual instalments.
The facilities are ECA-supported suppliers credit through the discounting of bills of exchange.
The first facility is worth $33.3 million and involves the delivery of one Damen Platform Supply Vessel 3300.
Meanwhile, the second facility is worth $11.7 million and involves the delivery of one Damen Fast Crew Supplier 5009.
ING was sole arranger and sole lender in both deals.
As the deals were a supplier’s credit through the discounting of bills of exchange, there was no external legal counsel. The deals therefore relied on ING internal counsel only.
Both deals were closed and financed on March 30.
L. A. T. C. Marine Limited is a marine vessel supply and offshore operation support service provider. It is a subsidiary of LAT Cleveson Limited.
