$195 Million Bond Refinancing of LNG Tanker
Milbank represented Meridian Spirit ApS, as issuer, in a $195 million bond refinancing for its liquefied natural gas (LNGLF) (LNG) tanker vessel, the Meridian Spirit. Meridian Spirit ApS is a special purpose company owned by Teekay LNG Partners LP and Marubeni Corporation (MARUF). Moody’s rated the 17-year private placement Baa1 based on the Meridian Spirit’s charter with Total’s Norwegian subsidiary, which is ongoing up to 2030. Proceeds from the issuance will refinance a portion of the bridge debt that the two sponsors utilized when they acquired the six-vessel Maersk LNG fleet in February 2012. The Meridian Spirit was built by Korea’s Samsung Heavy Industries (010140.KS) and has a storage capacity of 165,500 cubic meters of LNG.
Dan Bartfeld, partner in Milbank’s Project Finance Group, co-led the Milbank team with Structured Finance partner Jay Grushkin. Also working on the Meridian Spirit refinancing for Milbank were associates Mikhel Shechter and Sean O’Neill.