Stakeholder input pushes term sheet toward completion

Overview

SHIPTERM B for syndicated loans, will soon join BIMCO’s bilateral ship finance term sheet as part of the organisations’ venture into standard ship financing documents. 

The shipping finance document is now close to completion following a two-day meeting of sixteen finance and legal experts in Oslo.

The drafting group, which published a standard bilateral term sheet, SHIPTERM A, in 2016, reviewed a large number of comments and suggestions received from an industry consultation process that ended in January. Much of the feedback from stakeholders confirmed that the draft syndicated loan term sheet was in line with industry expectations. A number of useful suggestions to improve the term sheet were applied to the draft.

Over the next two months the document will be checked and prepared for publication. BIMCO’s Documentary Committee will review the syndicated loan term sheet at their meeting in New York at the beginning of May and will be asked to adopt it.

If approved for publication, SHIPTERM B will be published along with explanatory notes in May.

 

Grant Hunter
in London,

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