19 January 2005 – LAWFUEL – The Law News Network – Allen & Overy advi…

19 January 2005 – LAWFUEL – The Law News Network – Allen & Overy advised The Export-Import Bank of Korea (K-EXIM) on the
financing of the construction of eight 8,200 teu container ships. The
borrower is CMA-CGM, one of the major worldwide container shipping lines
(with a total revenue of €3.02 billion in 2003).

This asset finance transaction, valued at US$676 million, was arranged by
Calyon (mandated lead arranger). A consortium of banks took part in the
French tax lease scheme while K-EXIM, through its UK subsidiary K-Exim
Bank (UK) Limited, provided a substantial proportion of the senior debt
for an export credit loan.

The most notable characteristics of the deal were that it combined an
export credit with a French tax lease, raising some very complex issues
which involved eight very large (8,200 teu) container vessels.

This transaction was led by London-based partner and Global Head of Ship
Finance David Smith (Structured and Asset Finance) with the assistance of
senior associate Carine Chassol (Paris Banking & Finance department).
French tax advice was provided by senior associate Mathieu Vignon (Paris
Tax department).

Orrick (Alain Gautron, Jean-Marc Zampa, partners, and Frédéric Guilloux
associate) advised Calyon.

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