MEO Club

Amid a spate of ship financing activities happening in Asia, Singapore based Miclyn Express Offshore (“MEO”) was able to secure USD 150 million facilities from an international club of lenders comprising Standard Chartered Bank, WestLB and Oversea-Chinese Banking Corporation. The facilities were used to pay down part of the group’s existing debt and the remainder was paid down out of the proceeds of a simultaneous initial public offering of MEO on the Australia Securities Exchange in Sydney.

Macquarie Capital (Hong Kong) Limited were sponsor and financial adviser to MEO and exited as a principal shareholder of MEO on completion of the listing. The Norton Rose team in Singapore had previously advised the shareholders of MEO on its sale to Macquarie and that role was instrumental in its appointment as lenders’ counsel. MEO was advised by Clifford Chance.

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