Contact details

Jeffrey Tanner

T: +65 6622 9653 Email Jeffrey | vCard Office: Singapore

Awards

Rising star for Asset finance: Singapore and Shipping: Singapore

Rising star for Asset finance: Singapore and Shipping: Singapore

Recommended lawyer for Banking and finance: Singapore

Recommended lawyer for Banking and finance: Singapore

“Green Ship Finance Deal of the Year – East” - Acting for KfW IPEX-Bank in respect of a $72 million GIEK backed financing for exhaust gas cleaning system retrofits for Quantum Pacific Shipping

“Green Ship Finance Deal of the Year – East” - Acting for KfW IPEX-Bank in respect of a $72 million GIEK backed financing for exhaust gas cleaning system retrofits for Quantum Pacific Shipping

Jeffrey Tanner Partner

Contact details

Jeffrey Tanner

Jeffrey Tanner
Partner

T: +65 6622 9653 Email Jeffrey | vCard Office: Singapore

Jeffrey is recognised as a leading transactional lawyer known for his expertise in banking, finance and marine and energy transactional matters. 
  • Profile
  • Services
  • Sectors

He specialises in all aspects of banking and finance including asset finance, project finance, mezzanine finance, seller credit finance, corporate finance, ECA finance (with a particular focus on K-sure, KOBC, Sinosure and GIEK) and limited recourse finance.

With over a decade of private practice experience, Jeffrey has built a strong reputation in the Asia Pacific region where he has been based since 2012. Amongst other awards, he has recently been recognised as a 'Rising Star' for Asset Finance and Shipping by The Legal 500 Asia Pacific, and described by clients as a "first-class lawyer".

Jeffrey has significant experience of advising on restructurings (including schemes of arrangement) and distressed debt matters, chartering, operation and maintenance, joint ventures, framework agreements, joint development agreements (including LNG-to-gas projects), loan portfolio sales, sale and leasebacks and JOLCO structures.

"Jeffrey works with the best effort and highest responsibility that we could ever ask for."

The Legal 500 Asia Pacific 2022

  • Shipping
  • Finance
  • Ship and offshore finance
  • Corporate
  • Leasing and equipment finance
  • Restructuring and insolvency
  • Project finance

ECA backed financing

Acting for a Singapore ship owner on a US$290 million refinancing of six vessels to be advanced by a syndicate of international banks (including KEXIM a Korean ECA).

AET revolving credit facility

Advising AET on an innovative US$575 million fleet financing revolving credit facility provided by a syndicate of international banks with SCB as lead arranger secured against selected vessels within the fleet with a swap out function.

BW LPG Limited

Advising BW LPG Limited in connection with a K-sure backed US$220.8 million post-delivery financing provided by ING Bank, KfW- IPEX Bank GmbH and others as Lenders in connection with four VLGC's.

Pre-delivery financing

Advising on a US$398 million pre-delivery financing provided by a syndicate of international banks with SMBC as lead arranger.

DVB

Advising DVB in connection with a refinancing to be provided to Independent Petroleum Group companies.

BW Tankers

Advised BW Tankers on a US$216.6 million facility from a syndicate of international banks, led by Nordea.

Eukor

Advising an international bank on a pre and post-deliver US$118 million multi-tranche K-sure backed facility to two subsidiaries of a Korean shipping company in connection with two RORO car carriers.

More: Shipping

Listed share margin call RCFs

Advising a corporate in respect of US$375 million of corporate finance revolving credit facilities backed by listed shares on a margin call basis.

US$180 million bridge facility

Advising a corporate in connection with a US$180 million bridge facility.

Quantum Pacific

Advising KfW-IPEX Bank on a US$72 million GIEK backed "green loan" financing to Quantum Pacific Shipping for the purchase and installation of scrubbers. The innovative structure sets a useful precedent for future ECA backed scrubber financings. Jeffrey acted as lead associate on this matter.

Bridge loan

Advising a corporate in connection with a US$350 million bridge facility.

Green loan financing

Advising BNP Paribas on the structuring and documentation related to a US$48 million financing, involving a green loan tranche. The green loan tranche was made available after Vigeo Eiris, an independent international ESG research provider, confirmed that it would be used for purposes consistent with the four core components of the Green Loan Principles (GLP), which were developed and published by the Loan Market Association (LMA). A key part of the financing was the agreement around the green loan tranche infrastructure and the related representation and undertakings. These included discussion around the LMA’s GLPs, the third party verification opinions, the green loan framework, the green loan reporting obligations and the Poseidon principles (a global framework which ensures responsible ship finance portfolios).

US$470 million corporate finance RCFs and pre-delivery financing

Advising major Asian based shipping company in respect of a US$100 million corporate financing made available by OCBC, a US$100 million corporate financing made available by SCB and a US$270 million pre-delivery financing made available by a syndicate of banks including Citibank, DBS, NAB and SMBC.

More: Finance

BW Pacific US$676 million financing

Acting for a BW Pacific on a refinancing of a US$676 million multi-tranche and revolving credit facility in relation to 29 vessels to be advanced by a syndicate of international banks (operating though their Singapore branches).

New York Fund

Advising a New York based fund on US$104 million financing of a US$154 million new-build offshore accommodation jack-up-rig. The financing was provided by a Chinese lender and was Sinosure backed. The rig was chartered to Maersk.

Solstad fleet refinancing

Advising Nordea in connection with a US$1.5 billion 41 vessel fleet refinancing to Solstad.

Quantum Pacific

Acting for ING on a pre and post-delivery US$344 million multi-tranche ECA backed facility to three subsidiaries of a joint venture for the purchase of three containerships under construction in Korea by Samsung Heavy Industries Co., Ltd..

BW LPG

Advising BW LPG on a US$400 million syndicated multi-tranche ECA backed facility for the purchase of seven very large gas carriers under construction in Korea by Hyundai Heavy Industries.

Seller credit financing

Advising a major U.S. offshore vessel owner that serves the offshore oil and gas exploration and production industry in respect of the the acquisition through deferred payment arrangements of three platform supply vessel newbuildings (upgraded to a battery hybrid power solution) from COSCO.

Quiet enjoyment / step-in

Advising a syndicate of international lenders in connection with taking an effective security interest over a long-term charter with an international oil major. This involved significant negotiation in respect of quiet enjoyment and step-in.

Nordea re-domiciliation / universal succession

Advising on a cross border consolidation including, amongst other things, the impact of the consolidation on the security and the requirements in the financing documents related to mergers. This involved dealing with a wide range of different jurisdictions in consultation with foreign counsel and reviewing the position for various types of facilities (term loan, revolving credit and ECA backed facilities etc) and structures (syndicated, bilateral and participation loans).

LNG-to-gas onshore and offshore oil and gas project financing

Advising a company in connection with its participation in a LNG-to-gas onshore and offshore oil and gas project financing. This involved advising on the joint development agreement, investment principles, project accession documentation, shareholder agreements and a long term operation and maintenance agreement in connection with the FSRU.

Paragon restructure

Advising Paragon on a restructure its group.

Quantum Pacific

Advising Quantum Pacific in connection with a complex LQE with step-in and substitution rights relating to an ING / BoCom financing.  

More: Corporate

JOLCO

Assisting BNP Paribas connection with a sale and lease back structured as a JOLCO involving the Japanese leasing company NTT and the international shipping company PIL.

KOBC backed structured financing

Advising ING Bank on the structuring and documentation of a highly complex and innovative multi-tiered debt US$145 million Korean Ocean Business Corporation (KOBC) guarantee backed container financing.  This financing involved senior, mezzanine and junior tiers of debt, limited recourse for senior lenders, as well as complex security interest and intercreditor considerations.  This was the second in a series of highly structured KOBC financings arranged by ING, and represents a total arranged debt of US$300 million.  It required KOBC support in the form of a KOBC guarantee in favour of the mezzanine and junior lenders, and the incorporation of a Hong Kong KOBC special purpose vehicle. It also involved the sale-purchase and lease-back of 48,980 high cube and cargo marine containers to Hyundai Merchant Marine Co. Ltd, (HMM is the largest Korean national containers carrier).  A novel feature of this transaction, introduced to mitigate risk, was that a subsidiary of CAI International Inc. (a leading global transportation and intermodal container leasing and sales company) was incorporated to act as collection agent and container manager for ING.

Sale and purchase of diving bell

Acting for ICON (US private equity firm) in connection with the sale and purchase of diving bell.

Scheme of arrangement

Advising Nordea in connection with a scheme of arrangement sought but Solstad in respect of a double merger and financial structuring of various global facilities.

Distressed debt disposal

Assisting a corporate with the disposal of a drilling rig following a consensual agreement with lenders to sell. Advising in connection with a complex settlement agreement as between the borrower and certain subsidiaries, senior lenders, junior lenders and certain trade creditors.

OSV distressed sale and purchase

Assisting DVB in connection with OSV distressed sale and purchase.

Rickmers

Assisting a bank in connection with the transfer of agent and trustee functions.

Hin Leong collapse

Acting for and advising an international bank in relation to the collapse of Hin Leong (a global commodities trader), its related vessel ownership group Xihe Holdings and its related entity Ocean Tankers ( global oil tanker shipping company), with an exposure of well over US$500 million to the Hin Leong group’s shipping, trading and terminal arms.  This involved advising on issues relating to multiple vessel financing arrangements, insolvency, judicial management, receivership, vessel arrest, funding arrangements and a vessel redelivery and sale / workout program. This is one of the largest debt restructuring exercises in Singapore.

Restructuring major Singapore based shipping company

Advising a major Singapore based shipping company in respect of the restructuring and /or termination of 20 of its long-term chartering / financing arrangements with Japanese vessel owners. In particular, significant work was done in relation to reviewing over 40 vessel charters and to provide bespoke advice in relation to the renegotiation / termination of the various charters. We further advised in relation to and prepared to take defensive steps such as a potential insolvency protection application.

Collapsing a joint venture

Advising a major U.S. offshore vessel owner that serves the offshore oil and gas exploration and production industry in respect of matters related to shareholder funding arrangements and collapsing a joint venture with COSCO Shipping relating to 8 offshore support vessels.

Distressed debt fleet acquisition

Advising a shipping company on a potential acquisition of a fleet of 14 tankers under arrest across Asia. We were instrumental in ensuring the fleet was carved out of insolvency proceedings, dealt with 5 bank syndicates and a further secured creditor with second security, and structured solutions to purchase the fleet in stages allowing for settlement of claims (including debt, sheriff claims, liens and unsecured creditors) to release the vessels from arrest. We subsequently prevented the fleet from being consensually sold to other third parties forcing judicial sales, and co-ordinated the potential appointment of receivers over the fleet.

Distressed debt auction 

Assisting subsidiaries of a major Asian based shipping company with a complex multi-jurisdiction distressed debt disposition of offshore support vessels together with related long term oil major charters structured by way of share sale and purchases. This is an interesting transaction that involved numerous potential buyers bidding by way of an auction process. The bidding process involved all bidders putting forward proposals to acquire the vessels by way of asset sales and share sales. We advised on all aspects of the bidding, structuring and documentation. A key part of structuring was ensuring the long term charters could not be terminated. 

Limited recourse US$162 million ECA backed financing

Advising ING Bank on the structuring and documentation of a structured multi-tiered debt US$162 million KOBC guarantee backed financing. This financing involved senior, mezzanine and junior tiers of debt, complex security interest and intercreditor considerations, ECA support in the form of a KOBC guarantee in favour of the mezzanine lenders, the incorporation of a KOBC special purpose vehicle, the sale and lease-back of 21,870 high cube and cargo marine containers to Hyundai Merchant Marine Co. Ltd and a subsidiary of CAI International Inc. acting as collection agent and container manager for ING.

National Australia Bank

Advising on a US$178 million limited recourse financing of 9 Aframax oil tankers to 9 subsidiaries of KMARIN, a Korean investment fund, all on long-term charter to an oil major. The deal involved advice regarding: the bankability of complex long-term charters, involving provisions allowing time charters to be converted into bareboat charters on the occurrence of certain trigger events; the negotiation of effective security interests and step-in rights / quiet enjoyment with an oil major; and, the negotiation of residual value guarantees and charter guarantees with an oil major. The key commercial protection for Lenders, given the limited recourse nature of this financing, was being able to agree effective step-in rights / quiet enjoyment with the Oil Major chartering the vessels. Another bespoke feature and credit enhancement of this financing was the inclusion of residual value guarantees by the Oil Major in favour of the Lenders.

Listed share margin call RCFs

Advising a corporate in respect of US$375 million of corporate finance revolving credit facilities backed by listed shares on a margin call basis.

BW Gas

Advising BW Gas on a limited recourse US$180 million post-delivery facility from a syndicate of international banks, led by Société Générale. The transaction is innovative in that it used a "hybrid" or "capped" guarantee. 

  • Banks and banking
  • Energy and natural resources

Revolving credit facilities

Advising corporate on a refinancing of a US$776,000,000 revolving credit facility advanced by a syndicate of international banks.

Listed share margin call RCFs

Advising a corporate in respect of US$375 million of corporate finance revolving credit facilities backed by listed shares on a margin call basis.

Quantum Pacific

Advising KfW-IPEX Bank on a US$72 million GIEK backed "green loan" financing to Quantum Pacific Shipping for the purchase and installation of scrubbers. The innovative structure sets a useful precedent for future ECA backed scrubber financings. Jeffrey acted as lead associate on this matter.

National Bank Australia 

Advising on a US$178 million limited recourse financing of 9 Aframax oil tankers to 9 subsidiaries of KMARIN, a Korean investment fund, all on long-term charter to an oil major. The deal involved advice regarding: the bankability of complex long-term charters, involving provisions allowing time charters to be converted into bareboat charters on the occurrence of certain trigger events; the negotiation of effective security interests and step-in rights / quiet enjoyment with an oil major; and, the negotiation of residual value guarantees and charter guarantees with an oil major. The key commercial protection for Lenders, given the limited recourse nature of this financing, was being able to agree effective step-in rights / quiet enjoyment with the Oil Major chartering the vessels. Another bespoke feature and credit enhancement of this financing was the inclusion of residual value guarantees by the Oil Major in favour of the Lenders.

Pre and post-delivery financing

Assisting a Singapore branch of an international and on a pre and post-delivery US$200 million multi-tranche ECA backed facility to 10 Singapore based subsidiaries of a Thai ship owner under construction in China.

BW Integrity / FSRU

Advising BW Gas Limited in connection with a K-sure backed US$191.8 million post-delivery financing provided by Credit Agricole Corporate and Investment Bank and KfW- IPEX Bank GmbH as Mandated Lead Arrangers and Lenders in connection with a Floating Storage and Regasification Unit.

Seacor Marine

Advising Seacor on its US$46 million acquisition and financing through deferred payment arrangements of three platform supply vessel newbuildings. The vessels were purchased from the Cosco Zhoushan shipyard in China.

LNG-to-gas onshore and offshore oil and gas project financing

Advising a company in connection with its participation in a LNG-to-gas onshore and offshore oil and gas project financing. This involved advising on the joint development agreement, investment principles, project accession documentation, shareholder agreements and a long term operation and maintenance agreement in connection with the FSRU.

BW Singapore / FSRU

Advising BW Gas Limited in connection with a K-sure backed US$216 million post-delivery financing provided by Credit Agricole Corporate as Lender in connection with a Floating Storage and Regasification Unit.

Hydropower project

Advising Kansai on a US$1 billion 291 MW Lao based hydropower project.

Renewable energy

Advising lenders on the financing of two renewable energy (solar and wind) power projects.

BW Gas

Advising BW Gas on a limited recourse US$180 million post-delivery facility from a syndicate of international banks, led by Société Générale. The transaction is innovative in that it used a "hybrid" or "capped" guarantee. 

Awards

Rising star for Asset finance: Singapore and Shipping: Singapore

Rising star for Asset finance: Singapore and Shipping: Singapore

Recommended lawyer for Banking and finance: Singapore

Recommended lawyer for Banking and finance: Singapore

“Green Ship Finance Deal of the Year – East” - Acting for KfW IPEX-Bank in respect of a $72 million GIEK backed financing for exhaust gas cleaning system retrofits for Quantum Pacific Shipping

“Green Ship Finance Deal of the Year – East” - Acting for KfW IPEX-Bank in respect of a $72 million GIEK backed financing for exhaust gas cleaning system retrofits for Quantum Pacific Shipping

Latest news & insights

17 Apr 2023

From News

Stephenson Harwood promotes eleven to partnership

Law firm Stephenson Harwood LLP has promoted eleven lawyers to its partnership, effective from 1 May 2023.

More

11 Apr 2022

From News

Stephenson Harwood advises on US$405 million financing for ICBCL

Stephenson Harwood (Singapore) Alliance has advised a syndicate of banks led by National Australia Bank Limited (NAB) and Standard Chartered Bank (SCB) on a US$405 mil..

More

14 Mar 2022

From Insights

Global Restructuring Review's 'The Art of the Pre-Pack' second edition

Singapore-based partner Lauren Tang, senior associate Jeffrey Tanner, and associate Chit Yee Ooi have written the Singapore chapter of Global Restructuring Review's (G..

More

25 Nov 2021

From Insights

The Shipping News on Thursdays

Starting on Thursday 14 October 2021, we will be running a series of shipping-focused webinars every Thursday at 5pm, Singapore | 9am, London | 1pm, Dubai | 6pm, Seou..

More

06 Jul 2021

From News

Stephenson Harwood (Singapore) Alliance advises Vitol on Singapore-based fleet financing

Stephenson Harwood (Singapore) Alliance has advised Vitol, a global energy and commodities trader, on the financing of 15 vessels out of its recently acquired Singapor..

More

23 Nov 2020

From News

Stephenson Harwood advises on US$145 million KOBC backed financing

Law firm Stephenson Harwood (Singapore) Alliance has advised ING Bank on the structuring and documentation of a US$145 million multi-tiered debt financing, backed by K..

More

10 Nov 2020

From News

Stephenson Harwood advises NAB on a US$178 million limited recourse financing

Stephenson Harwood (Singapore) Alliance has advised National Australia Bank Limited (NAB) on the structuring and documentation of a US$178 million limited recourse fin..

More

06 Aug 2020

From Insights

Green shoots: the rise of the green finance revolution

Despite stiff competition from Brexit and Covid-19, climate change remains a topic never far away from the news headlines.

More

12 Jun 2020

From Insights

Financing arrangements: covenant breaches/ financial distress

The Covid-19 pandemic and the response to it, including global lockdowns, has caused substantial disruption to business operations and trade which has resulted in sign..

More

13 Feb 2020

From News

Stephenson Harwood (Singapore) Alliance advises on US$162 million KOBC backed financing

Stephenson Harwood (Singapore) Alliance has advised ING Bank (ING) on the structuring and documentation of a multi-tiered debt US$162 million KOBC guarantee backed fin..

More

03 Dec 2019

From Insights

Going concerns - December 2019

Welcome to the 3rd edition of Going Concerns where we strive to bring you the latest updates on restructuring and insolvency law.

More

23 Sep 2019

From Insights

Shipping and offshore: quiet enjoyment, step-in and direct agreements

This briefing note explores the key features of quiet enjoyment and step-in in the context of offshore project financings.

More

01 Jul 2019

From News

Going concerns - July 2019

Welcome to the second edition of Going concerns, where we strive to bring you the latest updates on restructuring and insolvency law.

More

23 Jan 2019

From News

Stephenson Harwood (Singapore) Alliance advises Seacor on US$46 million acquisition

Stephenson Harwood (Singapore) Alliance has advised Seacor Marine on its US$46 million acquisition and financing through deferred payment arrangements of three platfor..

More

20 Dec 2018

From Insights

Going concerns - December 2018

Going concerns' brings you the latest updates on restructuring and insolvency law. This issue focuses on Singapore.

More

print-footer
logo
© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.