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.