Law firm Stephenson Harwood LLP has advised MPC Container Ships (MPCC) on its US$70 million revolving credit facility deal with CIT Group.

MPCC, the Norway-based containership company, secured the revolving credit facility, which was made available by US-based CIT Group, in order to refinance its existing debt with CIT, as well as Beal Bank.

The deal is significant as it is part of MPCC’s overall expansion on the back of a rampant charter market. In June 2021, the company announced its acquisition of Songa Container, which gives MPCC a total fleet strength of 75 vessels.

The Stephenson Harwood team was led by partner Dora Mace-Kokota, who was supported by senior associate Roderick McGeachy.