Stephenson Harwood has advised Fleetscape Capital Limited (Fleetscape) on its US$50 million term loan facility with CNC Ventures Ltd (CNC).

The new financing enabled CNC to refinance the conversion costs of a suezmax tanker, and repurpose the vessel as a floating storage and offloading unit to be employed off the coast of Gabon.

The facility is secured against the converted vessel and an additional collateral floating storage and offloading unit, and is further supported by various charter and guarantee arrangements.

The Stephenson Harwood team was led by partner Ian Mace, who was supported by associate Silvia Bota.