Law firm Stephenson Harwood LLP has advised DNB Bank ASA (“DNB”) in connection with a US$154 million secured term loan advanced to a joint venture vehicle established by Kristian Gerhard Jebsen Skibsrederi AS and Hayfin Capital Management.

The finance documentation, secured against a fleet of ten vessels, contained a margin ratchet linked to sustainability key performance indicators as determined by the Poseidon Principles – the self-governing climate alignment agreement among financial institutions active in the ship finance sector.

Stephenson Harwood advised DNB Bank in its capacity as agent for a lending syndicate of five banks. The facility was arranged by DNB and Nordea Abp, filial i Norge as joint bookrunners.

The Stephenson Harwood team was led by global head of ship and offshore finance Ian Mace, who was supported by associate Michael Burgess.