Law firm Stephenson Harwood LLP has advised Attica Bank S.A. on its first shipping sustainability linked financing for Stem Shipping group, in respect of a five year term US$20 million facility.
Attica Bank was the sustainability lender in the transaction, and supported two ship owning companies for the purpose of refinancing the existing indebtedness of the two fleet vessels. Both of the ship owning companies are managed by Stem Shipping, a global provider of maritime transportation services. The deal will enable the companies to progress their ESG goals by establishing key performance indicators that align with the sector's wider sustainability and regulatory targets in relation to the reduction of CO2 emissions.
Stephenson Harwood advised Attica Bank on all aspects of the transaction, including the drafting and negotiation of the financing documents, and the closing mechanics; and attended the closing meeting on behalf of Attica Bank as incoming financier.
Maritime, trade and offshore partner Chris Vartzis lead the Stephenson Harwood team, supported by associate Stynos Antoniades and paralegal Evmorfia Paisiou.
