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HFW advises KiwiRail on shipping industry’s first climate bond initiative-certified financing

Posted on: 1 October 2021

HFW is advising KiwiRail on a secured NZ$350m pre- and post-delivery loan facility for its purchase of two newbuilding Interislander rail-enabled ferries to be constructed in Korea.

It is the world’s first shipping loan to be certified by the Climate Bond Initiative.

The facility is provided by Westpac NZ (Facility Agent), Société Générale (Green Loan Coordinator), Bank of America, and National Australia Bank.

KiwiRail was advised by New Zealand law firm Russell McVeagh, with HFW providing specialist ship finance advice on the facility agreement and security documents.

HFW also advised KiwiRail on the negotiation of the vessel construction contracts and related refund guarantees.

HFW’s team advising on the vessel construction contracts was led by William MacLachlan and Elinor Dautlich, and also included Alex Sayegh and Denis Nifontov. HFW’s John Forrester and Katherine Noble advised KiwiRail on the ship finance aspects of the transaction.

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Maritime London – the promotional body for UK based companies providing professional services to the international shipping industry

Funded by over 100 companies and organisations from a wide range of disciplines, Maritime London ensures that the UK remains a world beating location to base a maritime related business. Maritime London’s mission is to promote the UK as the world’s premier maritime business centre.

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The UK is home to a world beating array of professional maritime service providers. Maritime sectors include:

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