Lead Arrangers News

Offshore wind installation company Havfram has signed a Senior Secured Green ECA Term Loan Facility to fund its two wind turbine installation vessels ("WTIVs"), currently under construction at CIMC Raffles in China. The Facility was entered into with a syndicate led by DNB Bank ASA (Coordinator, Bookrunner, Green Loan Advisor and Agent) with SpareBank 1 SR-Bank ASA, Credit Agricole, Sparebanken Vest and Rabobank as Mandated Lead Arrangers and with Export Finance Norway as ECA lender.

Commodities trader Trafigura Beheer has become the first company to offer a defined Covid premium on an Asian syndicated loan, paying up to an extra 20bp all-in on its latest US$1bn-equivalent financing.The novel pricing structure is a first for Asia, if not globally, and could set a precedent for other price-sensitive borrowers looking to limit the long-term effects of the pandemic on their funding costs.Without the Covid premiums, the terms of Trafigura's new deal are little…

UAE global port operator DP World has launched a $9 billion financing into a targeted syndication process involving less than 10 banks, according to banking sources.The financing, which backs the borrower's privatization, was expected to sell down in a general syndication, but instead DP World decided to offer the deal to a select group of relationship banks.“(The deal is) going out to less than ten relationship banks that have already showed interest in the deal but were unable to join in the senior phase…

Japanese shipping giant Mitsui O.S.K. Lines has signed its first green loan, which it plans to use to partially finance the construction of the world's largest liquefied natural gas bunkering vessel (LNGBV).The 18,600 cubic meters (cbm) LNGBV for Total will be owned and operated by MOL. Last year, Total and MOLsigned a long-term charter contract for a pioneer LNG bunker vessel.The loan is provided by BNP Paribas (BNPP) and the Export-Import Bank of China (CEXIM), with both banks acting as Mandated Lead Arrangers and BNPP acting as Sole Green Structuring Advisor. MOL obtained a second party opinion in respect of the loan from a third-party institute.Green Loans are used to raise funds for businesses aimed at protecting and improving the environment.

Ørsted, the largest energy company in Denmark, has secured nominal TWD 12 billion (USD 395m) through the issuance of green senior bonds, to finance its investments in offshore wind in Taiwan. This transaction marks the first ever green TWD bond to be issued by a foreign corporate in Taiwan. The bonds will be issued in accordance with Ørsted’s Green Finance Framework.Ørsted CFO Marianne Wiinholt, said: “We are very pleased with the completion of this historic transaction which is an important step in the financing of the Changhua 1 & 2a project. We are proud to help develop the local financial market with respect to green financing and this underlines our commitment to Ørsted’s activities in Taiwan”.Matthias Bausenwein…

As the global cruise industry enjoys it most robust period of growth ever, the question invariably becomes: How long can it last?Cruising, which is a blend of the hospitality and maritime businesses, continues to grow at a historic pace. The Cruise Trends & Industry Outlook publication from Cruise Lines International Association (CLIA) projects a passenger count of 30 million in 2019 – up nearly 2 million from the previous year. By year end 2019 CLIA members – a veritable ‘who’s who’ of the largest brands – will have 272 vessels…

Russia’s maritime shipping company Sovcomflot has announced that it has entered into a new USD 264 million six-year revolving credit facility with a consortium of five leading international banks.The completion of this credit facility marks the successful finalisation of SCF’s 2018 financing plan, with total new debt capital raised this year amounting to circa USD 900 million, said Nikolay Kolesnikov, Senior Executive Vice-President, Chief Financial Officer of PAO Sovcomflot."The fund allows us to fully address the Group’s mid-term financing requirements, to optimise and smooth-out its debt repayment profile, and to build up an additional liquidity cushion…

Star Bulk Carriers announced that it has entered into a $310 million loan agreement, which includes a $70 million tranche (Green Loan Tranche) that will exclusively finance the procurement and retrofitting of scrubbers for up to approx. 50 vessels in Star Bulk’s fleet. According to a press release from the global shipping company focusing on the transportation of dry bulk cargoes, DNB Bank, acted as the Mandated Lead Arranger, Facility Agent and Coordinator, along with ABN AMRO Bank, BNP Paribas, Danish Ship Finance and Skandinaviska Enskilda Banken as Mandated Lead Arrangers.The remaining $240 million were drawn on September 28, 2018 and refinanced in full a group of 26 vessels…

International Seaways announced that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, have closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the Company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced VLCC acquisition. “With the $110 million term loan, International Seaways has further enhanced our financial flexibility while maintaining overall balance sheet strength,” said Lois K. Zabrocky, INSW’s President and CEO. Ms.

Tanker shipping company Euronav has secured a loan facility providing financing for four ice-class suezmax newbuildings under construction by Hyundai Samho Heavy Industries Co., Ltd., two of which have recently been delivered with the remaining two scheduled for delivery later in 2018.Watson Farley & Williams LLP (WFW) said it acted for Crédit Agricole Corporate & Investment Bank in relation to a $173.5 million loan facility for Euronav NV signed on March 22, 2018. The commercial lenders were Crédit Agricole Corporate & Investment Bank, BNP Paribas Fortis SA/NV and Sea Bridge Finance Limited and The Export-Import Bank of Korea acted as ECA lender.WFW also acted for ING Belgium SA/NV on a $220 million loan facility for Euronav and International Seaways signed on March 29…

Capital Product Partners has announced that its Board of Directors has approved the acquisition of the eco-type crude tanker ‘Aristaios' (112,800 dwt, Ice Class 1C, built 2017, Daehan Shipbuilding, S. Korea) for a total consideration of $52.5 million from the Partnership's sponsor, Capital Maritime & Trading. The M/T ‘Aristaios' is currently employed under a time charter to Tesoro Far East Maritime Company (‘Tesoro') at a gross daily rate of $26,400. The Tesoro charter commenced in January 2017 with duration of five years +/- 45 days. The Partnership intends to fund the acquisition through available cash in the amount of $24.2 million…

Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB, HSBC Bank and ING Bank were active bookrunners on the transaction. Bank of America Merrill Lynch, MUFG, BNP Paribas, Citigroup, Credit Suisse, DBS Bank, Deutsche Bank, JP Morgan, Lloyds Bank, Mizuho Bank, Natixis, Rabobank, Societe Generale, Standard Chartered Bank, SMBC and UniCredit Bank were mandated lead arrangers and bookrunners.

Capital Product Partners  entered into a firm offer letter for a senior secured term loan facility of up to $460.0 million with HSH Nordbank AG and ING Bank as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece S.A. as arrangers. The lenders also include Alpha Bank S.A., Piraeus Bank S.A. and Skandinaviska Enskilda Banken AB (Publ). The closing of the credit facility is subject to finalization of the long form loan documentation. "We intend to use the net proceeds of the loans under the New Facility, together with available cash of approximately $120.6 million, to refinance, four out of five of our existing credit facilities amounting to $580.6 million in total," says a statement from the company.

Cargotec Corporation entered into an EUR 300 million multicurrency revolving credit facility with a syndicate of its six relationship banks on 26th June.    The facility carries a tenor of five years including two one-year extension options. The purpose of this facility is to refinance the existing EUR 300 million multicurrency revolving credit facility, maturing in January 2019.    With this facility, Cargotec strengthens its long-term liquidity and takes advantage of the favourable market conditions.   The facility was coordinated by SEB and the Mandated Lead Arrangers and Bookrunners are Citi, Danske Bank, Nordea Bank, OP Corporate Bank, SEB (Facility Agent) and Standard Chartered Bank.

Dynagas LNG Partners, an international owner and operator of liquefied natural gas (LNG) carriers, announced  the closing of a USD 480 million Senior Secured Term Loan B facility (the "Term Loan B") by its wholly-owned subsidiary, Arctic LNG Carriers Ltd. The Term Loan B is secured by, among other collateral, first priority mortgages on the vessels owned by borrower subsidiary guarantors, and is guaranteed by the Partnership and certain of its subsidiaries. The Term Loan B has a six year term and was priced at LIBOR plus 450 basis points. The Partnership intends to use the net proceeds of the Term Loan B Facility to (i) repay in full its existing secured indebtedness, (ii) pay transaction fees and expenses and (iii) for general corporate purposes.

BW LPG Limited has signed a Debt Facility Agreement of USD290 million for the re-financing of six 2016 built ex-Aurora ships. The re-financing has been raised from The Export-Import Bank of Korea (KEXIM) as ECA (Export Credit Agency) lender, with ABN AMRO Bank N.V., Singapore branch and Oversea-Chinese Banking Corporation Limited as Mandated Lead Arrangers. ABN AMRO Bank N.V., Singapore branch also acted as coordinator and facility agent. The all-in cost for this financing is LIBOR plus 1.88%, with a 16-year amortization profile. Martin added: "The ex-Aurora fleet is now fully re-financed at similar competitive terms and structure as the rest of the BW LPG fleet, which further strengthens our competitive edge in a challenging market.

Euronav NV announces has signed a new USD 410 million senior secured amortizing revolving credit facility. The facility has been made available on 16 December 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital purposes. The credit facility was used to refinance the USD 500 million senior secured credit facility dated 25 March 2014 and will mature on 31 January 2023 carrying a rate of LIBOR plus a margin of 2.25%. Hugo De Stoop, CFO of Euronav said: “This new facility will provide a lot of flexibility for Euronav. It is a full revolving credit facility replacing a term loan, it has a lower margin (50 bps lower) than the facility it is refinancing, and it has a much longer maturity.

Tanker shipping company Euronav NV announced it has signed a new $410 million senior secured amortizing revolving credit facility. The facility has been made available on December 16, 2016 for the purpose of refinancing 11 vessels as well as Euronav’s general corporate and working capital purposes. The credit facility was used to refinance the $500 million senior secured credit facility dated March 25, 2014 and will mature on January 31, 2023 carrying a rate of LIBOR plus a margin of 2.25 percent. Hugo De Stoop, CFO of Euronav said, “This new facility will provide a lot of flexibility for Euronav. It is a full revolving credit facility replacing a term loan, it has a lower margin (50 bps lower) than the facility it is refinancing, and it has a much longer maturity.

Topaz Energy and Marine, an offshore support vessel company, announced a new $550 million facility. The facility is arranged over three tranches. The first is a conventional and Islamic senior secured, term loan of $350 million over seven years which will be used principally to repay existing senior debt. The second is a senior secured, conventional and Islamic Revolving Credit Facility of $100 million over five years and the third tranche is a senior unsecured conventional and Islamic term loan of $100 million, both of which will be used to fund growth capex. The new facility significantly lowers Topaz’s finance costs. The facility will also extend the maturity of Topaz’s debt profile over the next seven years from its previous profile of four years.

Watson Farley & Williams (“WFW”) has advised long-time client MSC Cruises (“MSC”) on the €1.2 billion (US$1.35bn), export credit agency (ECA) supported financing of two newbuild ‘Seaside class’ cruise ships, which will be the largest vessels ever built by the Fincantieri shipyard in Trieste, Italy. The financing for MSC was provided by a syndicate of banks including Crédit Agricole Corporate and Investment Bank (“CA-CIB”), BNP Paribas, Cassa Depositi e Prestiti S.P.A., HSBC France, Banco Santander S.A and Unicredit S.P.A. as mandated lead arrangers and underwriters. CA-CIB also served as structuring agent and bookrunner. The financing was supported by Italian export credit agency Servizi Assicurativi del Commercio Estero (“SACE”).

On July 15, 2016, Victoria International Container Terminal (VICT) signed a syndicated loan facility worth AUD 398 million (approximately USD 300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank, Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners, Bank of China Limited, DBS Bank Ltd., Investec Bank PLC as Mandated Lead Arrangers, and Cathay United Bank as Lead Arranger. The facility provides significant financial flexibility with long-dated tenors of 7, 10, and 16 years. Finnvera, the Finland based export credit agency, also participated in the transaction by providing a guarantee for a portion of the facility.

The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DNB Bank ASA and Nordea Bank Norge ASA acting as Coordinators, Mandated Lead Arrangers and Bookrunners and ABN AMRO Bank NV, ING Bank NV and Skandinaviska Enskilda Banken AB (publ) (SEB) acting as Mandated Lead Arrangers and Bookrunners and Crédit Agricole Corporate and Investment Bank acting as Lead Arranger whilst KBC Bank NV, Scotiabank Europe plc and Société Générale acting as Co-Arrangers. The additional lenders are Belfius Bank SA/NV and HSBC Bank plc. Nordea is also the facility agent.

Epic Gas Ltd has closed a new USD 120 million post-delivery senior secured credit facility to finance its remaining seven owned vessels under construction. The facility covers approximately 65% of the contract price of the vessels, and has been closed in partnership with Coordinator, Agent and Book running Mandated Lead Arranger ABN AMRO Bank N.V. Credit Agricole Corporate and Investment Bank and NIBC Bank N.V. also joined the facility as Book running Mandated Lead Arrangers. The Company remains committed to the delivery of a high quality fleet with an outstanding new building program of three 7,500cbm vessels and four 11,000cbm vessels, plus an additional 11,000cbm new building to be delivered under a bareboat charter to Epic Gas.