Ship and offshore finance
Acting for The Export-Import Bank of China in a US$1 billion loan to ICBC Financial Leasing Co., Ltd. to finance the sale and lease back transaction with Bourbon SA in respect of 51 offshore supply vessels. Widely reported in the press, it was one of the largest leasing deals in recent years.
Acting for a joint venture between two major shipping companies on a US$95.2 million loan from a US financier to finance the purchase of a fleet of 12 vessels at an auction.
Shipping loan restructuring
Acting for a German bank as agent of a syndicate in the restructuring of a non-performing debt, which involved complex negotiations with a private equity fund on intercreditor and sub-participation arrangements.
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Shipbuilding and offshore construction
Advising on eight syndicated loans aggregating US$156 million made available by Deutsche Bank AG and HSBC Bank plc to Star Bulk Carriers Corp. to finance the construction of ultramax bulk carriers, backed by Sinosure insurance.
Acting for a Chinese bank in a US$234 million loan to an African state-owned company to finance the construction of nine multipurpose carriers and product tankers, supported by a guarantee from the sovereign state and Sinosure insurance.
Advising a Korean shipyard on the assignment of receivables under a shipbuilding contract.
Acting for a Chinese bank in a US$170 million loan to the subsidiary of a shipbuilder to finance the construction of 26 anchor handling tug supply vessels and platform supply vessels, and a US$255 million loan to a French offshore oil and gas conglomerate to finance the delivery of those vessels.
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