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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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KEY CONTACT

Chris Vartzis

Chris Vartzis
Partner

T:  +30 210 429 5160 M:  +30 694 888 0606 Email Chris | Vcard Office:  Piraeus

Stynos Antoniades

Stynos Antoniades
Associate

T:  +30 210 4295160 M:  +30 6940 270 880 Email Stynos | Vcard Office:  Piraeus

Nefeli Christodoulou Founta

Nefeli Christodoulou Founta
Associate

T:  +30 210 429 5160 M:  +30 694 027 0475 Email Nefeli | Vcard Office:  Piraeus

Aglaia Gkeli

Aglaia Gkeli
Associate

T:  +30 210 42 95 160 M:  +30 694 597 7599 Email Aglaia | Vcard Office:  Piraeus

Georgios Kalpakidis

Georgios Kalpakidis
Associate

T:  +30 210 4295160 M:  +30 694 7100027 Email Georgios | Vcard Office:  Piraeus

Armandos Lestos

Armandos Lestos
Associate

T:  +30 210 42 95 160 M:  +30 695 777 1225 Email Armandos | Vcard Office:  Piraeus

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