Refinancing of 4 LNG Vessels

Lee & Ko acted as Korean legal counsel to The Korea Development Bank, Sumitomo   Mitsui Banking Corporation, Australia and New Zealand Banking Group Limited, BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ Ltd., Calyon, Crédit Industriel et Commercial, Natixis, NIBC Bank Limited, The Bank of Nova Scotia Asia Limited and  WestLB AG in connection with the refinancing of 4 LNG Vessels operated by Hyundai  Merchant Marine Co. Ltd., Hanjin Shipping Co. Ltd., SK Shipping Co., Ltd. and Korea Line Corporation for use in transporting LNG for Korea Gas Corporation.  This deal has drawn substantial market attention due to the participation of many high-profile foreign financial institutions as well as the large overall monetary value of the deal, totaling approximately USD631,000,000.  Also, the deal is noteworthy in that Korea Gas Corporation has provided credit enhancement by means of a letter of undertaking in order to support the credit of the shipping companies as primary obligors.  Watson, Farley & Williams, Singapore acted as English counsel for the lenders and Kim & Chang acted as Korean legal counsel to the shipping companies and Korea Gas Corporation.  The deal closed in January 2010.