Law firm Stephenson Harwood LLP has advised Nordea Bank Abp (Nordea) on a US$533 million secured revolving credit facility provided to Teekay Tankers group, in relation to the refinancing of 31 vessels across two flag states.

Nordea, acting as agent on behalf of a syndicate of 15 banks, advanced the funds in order to enable the Teekay Tankers group to repay some of the company's existing US$455 million debt and extend balloon maturities from 2020 to 2024. Three existing facilities held by the borrower group were refinanced as part of the transaction.

The support provided by Stephenson Harwood included extensive and technical legal advice concerning the financing.

The Stephenson Harwood team was led by partner Dora Mace-Kokota and of counsel David Metzger, with support from associates Michael Burgess and Catherine Tse.