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30 Mar 2022

Stephenson Harwood advises Nordea Bank on US$415 million loan financing

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Law firm Stephenson Harwood LLP has advised Nordea Bank in connection with a US$415 million sustainability linked loan agreement, made available to the Stolt Tankers group.

The agreement provides for a term loan facility and a revolving credit facility, secured against a fleet of 19 vessels across two flag states. Two existing facilities held by the borrower group were refinanced as part of the transaction.

The loan agreement contained a number of bespoke green finance provisions including 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, and health and safety performance indicators.

Nordea Bank Abp, filial i Norge was agent for a lending syndicate of 14 banks.

The Stephenson Harwood team comprised Neil Noble and senior associate Shaun Park, who were assisted by associate Joanna Tuft and paralegal Dharshini Raviendran.

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KEY CONTACT

Neil Noble

Neil Noble
Partner

T:  +44 20 7809 2670 M:  Email Neil | Vcard Office:  London

Shaun Park

Shaun Park
Partner

T:  +44 20 7809 2541 M:  Email Shaun | Vcard Office:  London

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Rose Charteris
Senior communications and PR executive

T: +44 20 7809 2961 
Email Rose