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01 Jun 2023

Stephenson Harwood advises Nordea Bank on US$350 million credit facility

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Law firm Stephenson Harwood LLP has advised Nordea Bank Abp, New York Branch, on a US$350 million secured revolving credit facility provided to Teekay Tankers Ltd.

The refinancing involved 19 vessels and Nordea Bank acted as agent on behalf of a syndicate of seven banks. The loan will help refinance the group's existing debt, as well as with general corporate and working capital requirements. 15 of the 19 vessels were delivered in May, and the remaining four vessels will be delivered later this year, following their release from lease arrangements.

The firm advised Nordea Bank on multiple technical legal points on this cross-border transaction, which involved the jurisdictions of England and Wales, the Marshall Islands, Bahamas and New York.

The Stephenson Harwood team was led by partners Dora Mace-Kokota and Shaun Park, who were supported by associate Joanna Tuft and legal analyst Philippa Sharratt.

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