Morrison & Foerster represented the arrangers and lenders, led by ING Bank N.V. and Commerz (Far East) Limited, in connection with a US$205 million secured term loan facility for Florens Container Inc., the world's fifth largest container-leasing company. The facility, which is guaranteed by Florens's Hong Kong-listed parent COSCO Pacific Limited, a member of the China Ocean Shipping Group, will be used by Florens to acquire additional containers for its expanding container leasing operations and for general working capital purposes. Florens currently leases 850,000 TEUs (twenty-foot equivalent units) with a 97 per cent utilisation rate. The lenders included ING, Commerzbank Aktiengesellschaft, National Australia Bank, Bayerische Landesbank, Standard Chartered Bank, ABN-AMRO Bank and Rabobank.

The Morrison & Foerster team comprised Hong Kong partners Robert Woll and Ven Tan, Singapore associate Rod Floro and, on opinion issues, New York Partner Peter Dopsch.