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12 May 2023

Stephenson Harwood advises on loan portfolio transfer of major international bank

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Law firm Stephenson Harwood LLP has advised each of two banks, on a series of facilities transfers, each in connection with the acquisition of a series of shipping finance facilities and their respective securities from an international bank.

The two Netherlands banks have a long-standing and established presence in the shipping industry. The transactions relating to the transfer of facilities had a total aggregate amount of US$135 million.

The Stephenson Harwood team advised on a wide range of aspects, including: the underlying loan documentation; detailed due diligence reports; notification and consent requirements; the transfer of English law loan and security documentation; liaising with correspondent counsels in different jurisdictions; transfer documentation; and fresh securities and requisite amendments to the loan documentation.

"This was a complex and multifaceted deal on which to advise," said Chris Vartzis, partner, Stephenson Harwood. "It required working on a number of elements simultaneously across several jurisdictions, including the Marshall Islands, Liberia, Holland, Bahamas and Norway. Our market-leading ship finance expertise, and extensive experience in this area, meant we were well placed to advise on this loan portfolio transfer."

The Stephenson Harwood Piraeus-based team was led by partner Chris Vartzis, who was supported by the Piraeus ship finance team comprising associates Stynos Antoniades, Georgios Kalpakidis, Aglaia Gkeli, Armandos Lestos and Nefeli Christodoulou Founta.

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