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10 Jan 2022

Stephenson Harwood advises MPC Container Ships on US$180 million deal

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Stephenson Harwood has advised MPC Container Ships (MPCC) on its US$180 million credit facility from Hamburg Commercial Bank comprising a US$130 million term loan and a US$50 million revolving credit facility.

MPCC is an international containership company and, following its acquisition of Songa Container which completed in August 2021, has a total fleet of 67 container vessels.

The new financing will be used to provide MPCC with greater flexibility in its capital allocation and to re-finance its existing acquisition funding from DNB Bank and a portion of existing bond financing.

The facility is secured against 20 vessels and is part of MPCC's transition from a significant growth phase, off the back of a rampant charter market, to position of strong cash generation and a low risk profile, with a significant number of unencumbered vessels.

The Stephenson Harwood team was led by partner Dora Mace-Kokota, who was supported by senior associates Roderick McGeachy and Jon Cripps, and associate Joanna Katsaouni.

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