Ship and offshore finance

Financing, leasing and ECA facilities

Advising international and domestic banks and equity funds on the financing of both second-hand vessels and newbuildings (including ECA facilities) with particular emphasis on Chinese, Korean and Vietnamese newbuildings, shipbuilding and shipsale contracts and refund guarantees.

Secured facility refinancing fleet 

Advising agent to syndicate of bank on a US$120 million loan facility for the re-financing of a part of a major Turkish fleet in respect of 10 tankers and 2 bulk carrier vessels registered in the ownership of Maltese single purpose owning companies, with a corporate guarantee from the parent company. The deal involved complex negotiations of the loan terms and conditions and the security documentation, including tax and stamp duty issues.

Debt financing of part of fleet in the context of IPO 

Advising a large syndicate on a US$275 million secured loan facility for the refinancing of 10 tanker vessels. This transaction was distinct due to the fact that the refinancing of Sponsor's  major part of tanker fleet was to take place in conjunction with the listing of a new company (the guarantor in the transaction) on the Oslo stock exchange involving the transfer of ownership of the 10 borrowing companies from the previous shareholder to the new company which was to be listed. The matter involved multiple jurisdictions, 5 syndicates of outgoing mortgagees and extensive coordination with Norwegian lawyers in respect of the listing aspects of the transaction. Further involved in a detailed revision of underlying Acquisition Agreement which set out the transfer of ownership, considering and analysing the impact on the facility and security and adapting loan documentation accordingly. 

Restructuring

Advising Greek bank in the context of major restructuring of the financings amounting to US$160 million to a Greek shipping group (such restructuring involving all facilities of the group being extended by different banks) involving refinancing elements; bridge loan, co-ordinating with other banks being involved in the restructuring.

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Finance

Shipowners work

Acting for and advising major Greek shipowning groups, Turkish diversified conglomerates and shipping groups operating out of Croatia, Bulgarian Norway, Switzerland and France on ship finance projects and financing arrangements.

Ships

Advising leading financial institutions on debt and equity financing for all types of vessels (including yachts).

Secured facility – owner's work

Advising shipping group in the context of a US$60million multi-currency syndicated facility with Australian bank as agent being extended to SPCs including reviewing, revising and commenting for and on behalf of the borrowers the loan agreement and the security documents.

Advising Greek shipping group in the context of a US$180million secured LMA loan facility in respect of the refinancing of 6 vessels.

Sale and purchase of vessels

Acting for seller (distressed asset fund managed by major international bank) in the context of the forced sale of bulk carrier, involving drafting and negotiating MOA and all relevant documents.

Advising buyer in the context of purchase of yacht flying Greek flag.

Newbuildings

Advising shipping group on terms of the building contracts and refund guarantees in respect of two bulk carriers and two options to be built in leading PRC shipyard, in view of the proposed financing of the vessels by a syndicate of international banks.

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Aviation finance

Financing and leasing

Representing banks and aircraft lessors on the financing and operation of corporate jets.

Financing of commercial jet

Advising Greek bank in the context of financing of corporate jet registered under the Greek Registry.

Leasing of corporate jet and financing

Acting for Greek bank in the case of a business jet being leased out to an operator and deregistering aircraft from Greek Registry and registering it under the UK Registry.

Leasing of business jet

Advising aircraft owner in the context of change of operator of business jet and advising owner on the loan and security documentation prepared by bank's lawyers.

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Shipping

Financing, leasing and ECA facilities 

Acting for major international financial institutions and banks on syndicated and bilateral loan facilities (including ECA facilities) for the financing of vessels of all types, sale and lease-back facilities, restructurings, work-outs, IPOs, intrecreditor and subordinations arrangements, accession deeds, financing and sale and purchase of second-hand vessels and financing of newbuildings.

ECA facility

Acting for  Dutch bank in its capacity as agent, lender and security agent on a K-sure backed loan facility for the acquisition of a bulk carrier vessel to be registered in the ownership of a Marshall Islands corporation with a major Greek shipping group, including complex K-sure arrangements and negotiations in relation to the loan facility exposure and detailed negotiation with both the borrower, its Korean counsel and the K-sure agent and K-sure Korean counsel.

Work-out

Advising German bank in relation to a syndicated loan facility where the security was granted in favour of all three lenders, rather than a security agent, including acting for the agent in connection with the assignment of the lenders' security as a result of the sale of that lender's participation to another lender. The work included supplementing the facility to reflect the change in the shareholding structure of the borrower and its joint venture structure and entailed major restructuring of the facility and the granting of new security.

Secured loan facility

Acting for a German bank in relation to a syndicated facility for the refinancing of a bulk-carrier vessel registered in the ownership of a Turkish borrower forming part of a major Turkish conglomerate active in shipping and shipbuilding, including advising on a security structure involving Turkish, Marshall Islands and Maltese corporate guarantors, personal guarantees, shares pledges, and mortgages. The deal included interesting questions regarding the concept of "trust" structures and "parallel debt" principles and priority issues.

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Aviation

Financing and leasing

Advising banks and aircraft lessors on the financing and operation of corporate jets.

Financing of commercial jet

Advising Greek bank in the context of financing of corporate jet registered with the Hellenic Aircraft Registry.

Leasing of corporate jet and financing

Acting for Greek bank in the case of a business jet being leased out to an operator and deregistering aircraft from Hellenic Registry and registering it with the UK Registry.

Leasing of business jet

Advising aircraft owner / lessor in the context of change of operator of business jet and advising owner on the loan and security documentation prepared by bank's lawyers.

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Greece

Greek law – drafting and registration of Greek law mortgages

Advising bank on and documenting for banks, Greek law mortgages and discharges of mortgages over ships of class A and class B.

Greek law – security over immoveable property

Advising and obtaining prenotation of mortgages over real estate properties in Greece in the context of financings being extended by banks to companies and individuals with immoveable properties in Greece.

Greek law - drafting Greek law account and shares pledges

Advising banks on and drafting Greek law pledges over accounts located in Greece under loan facilities governed by English law and shares pledges in the case of bearer or registered shares in Greek incorporated companies.

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