$195 Million Bond Refinancing of LNG Tanker

MarineLink.com
Wednesday, July 03, 2013

Milbank represented Meridian Spirit ApS, as issuer, in a $195 million bond refinancing for its liquefied natural gas (LNG) tanker vessel, the Meridian Spirit. Meridian Spirit ApS is a special purpose company owned by Teekay LNG Partners LP and Marubeni Corporation. 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 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.
 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

LNG

HHI to Build FSRU for Höegh LNG

A new Floating Storage and Regasification Unit (FSRU) will be built by the Korean shipbuilding Company Hyundai Heavy Industries (HHI). This FSRU will be the fifth

BG Group's Queensland Curtis LNG to Ship First Cargo

BG Group is set to ship the first cargo of liquefied natural gas from its flagship gas project Queensland Curtis LNG on Dec. 20, a source familiar with the matter told Reuters.

Europe Stockpiling Low Cost, Surplus LNG

Demand from top Asian buyers drops sharply; Asian, European gas price spreads converge. Europe set to becoming dumping ground for LNG. Europe is set to become

News

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3533 sec (3 req/sec)