BEYOND THE HEYDAYS: THE BANK DEBT AWARD - By Rodricks Wong
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BEYOND THE HEYDAYS:
THE BANK DEBT AWARD
By Rodricks Wong
009 was the year that all Lending terms as one would returning, while the doors assets. Leading the pack in
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shipping companies were expect have become more strin- remain shut to those lower in Dealogic’s bookrunner and
finding ways to plug the gent. Not only has the advance the pecking order. Have mandated lead arranger tables
balance sheet gap, especially rate been lowered to 50 – 60%, bankers learnt the lessons from in 2009 was Mitsubishi UFJ
those with a sizeable orderbook banks prefer shorter tenors the financial crisis to avoid the Financial Group, largely attrib-
committed during the heydays. between 3 and 5 years. This is mistakes of excessive risk uted to its role as the sole
Banks are still rationing credit, in stark contrast to the 10 to 12 taking? arranger in the year’s two
even as there is a gradual year tenors banks were offering biggest deals, AP Moller-
improvement in risk appetite shipowners just a couple of The other interesting develop- Maersk’s USD 6.5 billion and
for shipping. Data supplied by years ago. Many new deals, ment in the new bank debt NYK Line’ USD 2.5 billion
Dealogic pointed out that the often bilateral loans (which are market is the growing impor- syndications. Sumitomo Mitsui
annual volume of shipping not included in Dealogic’s tance of Asian financial institu- Banking Corp (“SMBC”) and
syndicated loans was at a record figures) are made to well-estab- tions in ship finance. Asian Mizuho also finished strongly,
low of USD 32.9 billion in lished clients with strong banks used to be very domesti- with both emerging among the
2009, a sharp contrast to the balance sheets. Bankers call this cally focused (on Asian owners) top 10 bookrunners and
USD 89 billion posted in 2008. a return to basics, but we are but we are noticing that many mandated lead arrangers.
The number of deals likewise picking up anecdotal evidence are venturing out of their
dropped sharply from 297 in that price competition for the comfort zone, particularly in In a similar vein, Chinese banks
2008 to 121 last year. top names is gradually deals that involve offshore have stepped up their game last
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Source: Dealogic
22 Marine Money www.marinemoney.comSource: Dealogic
year, although this is not 6.8 billion financing program, a Canadian oil company as the client would be Taiwan’s
reflected in Dealogic’s numbers. project finance deal recognised Talisman, the facility was syndi- Wisdom Marine Lines’ 8.5 year
Chinese banks as a whole have by Marine Money in the past. cated to nine other offshore and JPY 16.3 billion (USD 170
been traditionally less active in The wholly owned subsidiary shipping banks in Europe and million) debt facility. The
the global syndication market of Qatar Gas Transport the US and eventually achieved syndication saw the Taiwanese
for shipping but are playing a Company raised USD 949 a healthy oversubscription. banks in action with Land Bank
greater role, particularly in million from a group of 17 of Taiwan, Mega International
providing bilateral loans to international and regional Then there were Precious Ship- Commercial Bank and Taiwan
foreign ship owners with banks last June. The facility will ping’s THB 8,750 million Cooperative Bank as the
newbuilding orders at Chinese be used for the construction of (USD 250 million) and mandated lead arrangers, Bank F
yards. In the last quarter of 25 LNG vessels currently under Thoresen Thai’s USD 200 Sinopac, Bank of Taiwan, e
2009, Bank of China for construction at Daewoo Ship- million debt facilities. Precious’ Taipei Fubon Commercial b
instance had provided financial building and Marine Engi- credit facility was extended by Bank and E-Sun Commercial r
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support to Korea’s STX Pan neering, Hyundai Heavy Indus- Krung Thai Bank, Bank of Bank as participants.
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Ocean, Denmark’s TORM and tries, and Samsung Heavy Ayudhya and Siam City Bank r
Germany’s Schulte Group Industries in Korea. ING’s four for the acquisition of second This year our bank debt award y
respectively. year USD 260 million facility hand vessels while Thoresen goes to two syndications led by /
to refinance Teekay Offshore Thai secured three year USD Korea Development Bank for m
Despite a bank market many Partners L.P.’s purchase of the 200 million syndicated term state-owned Korea Gas Corpo- a
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claimed was non-existent, for Varg FPSO from its sponsor, loan Kasikornbank, Krung ration (“KOGAS”) in July and
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our Bank Debt Deal of the Year, Teekay Corp is also worthy of a Thai Bank, Export-Import November 2009. In July, h
there were no shortage of nomi- mention. Structured to match Bank of Thailand and Mizuho KOGAS and three major
nees deserving of consideration. to the four year firm period of Corporate Bank. Another Korean shipping companies, 2
Among the standouts was the the unit’s renewed charter example of a deal financed by Hanjin Shipping (“Hanjin”), 0
final tranche of Nakilat’s USD contract to a subsidiary of lenders of the same nationality Hyundai Merchant Marine 1
0
www.marinemoney.com Marine Money 23(“HMM”) and SK Shipping Australia and New Zealand USD 150 million, price compe- naviska Enskilda Banken AB
refinanced three 1999 built Banking Group, BNP Paribas, tition among the banks for an (Publ), Société Générale, Stan-
LNG carriers. The transaction Calyon, Crédit Industriel et attractive quasi-sovereign deal dard Chartered Bank,
was divided into a USD 386 Commercial, Natixis, NIBC backed by solid contracts of Sumitomo Mitsui Banking
million senior tranche and a Bank, Sumitomo Mitsui affreightment (“COAs”) drove Corporation, The Korea Devel-
USD 96 million junior tranche Banking Corporation, Korea pricing further down. The opment Bank, The Bank of
and the funds were used to Development Bank, Bank of second deal comprised USD Nova Scotia Asia Limited, The
repay a USD 747 million 20 Nova Scotia, Bank of Tokyo- 505 million in senior tranche Bank of Tokyo-Mitsubishi UFJ,
year facility signed in 1996. Mitsubishi UFJ and WestLB. and USD 126 million in junior Ltd., Chinatrust Commercial
The refinancing was in antici- We pay tribute to the above tranche and this time, proceeds Bank, Ltd., Intesa Sanpaolo
pation of an early repayment participating banks for having were be used to refinance four S.P.A., Mizuho Corporate
due to put options exercisable the foresight and saw value in 135,000 cbm LNG carriers, Bank, Ltd., Fortis Bank (Neder-
upon the 10th anniversary from Korea when Korean shipping each on bareboat charter to land) N.V., and Deutsche Bank
the delivery of the vessels. The companies in general were Hanjin, HMM, SK Shipping AG.
new deal carries a five year put facing tremendous financial and Korea Line Corporation
option and is the first ship stress at that time. respectively. All vessels are oper- In short, this transaction aptly
financing project transaction in ated under a long term COA showcases the business acumen
Korea in 2009 that involves Spurred on by the success, with KOGAS. banks possess in assessing
international lenders. KOGAS closed a second USD opportunities during difficult
631 million refinancing loan The new syndicate of 15 times. Congratulations to all on
The 10 year facilities were facility in November. Not only lenders comprised BNP a job well done.
valued at USD 481.6 million, was the second round of refi- Paribas, Crédit Industriel et
the lead arrangers of which were nancing upsized by almost Commercial, Natixis, Skandi-
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24 Marine Money www.marinemoney.comSelected 2009 Bank Debt Transactions
Borrower Lender, Advisors, and Managers Amount Comments Date
(US$ M)
Korea Gas Corp. II KDB, Standard Chartered Bank, Bank of Nova Scotia, 505 10 year Sr. term loan facility for Refinancing Dec-09
SG, BTMU, CIC, Natixis, SEB, SMBC, Intesa
Sanpaolo, Mizuho, China Trust Commercial Bank
Korea Gas Corp. II KDB, Stan.Chart, Deutsche Bank & Fortis Bank(NL) 126 10 year Jr. term loan facility for Refinancing Dec-09
Aegean Marine Petroleum BNP Paribas 100 1 year uncommitted trade finance with L/C facility Dec-09
Goldenport Holdings 37 $15M to fund acquisition;$11.9M to refinance debt and Dec-09
$10M for WC. 2 unencumbered vessels added as collateral.
Pelayaran Kartika PT Bank ICBC Indonesia, PT Bank OCBC Indonesia, 60 $56M 4 year term loan and $4M 3 year revolver to refinance Dec-09
Samudra Adijaya PT Bank OCBC NISP, PT Bank UOB, OCBC existing debt and acquire vessels.
PetroVietnam Standard Chartered, Bank of China, BTMU, DBS, 250 5 year term loan for capex. Dec-09
Natixis, OCBC, Mizuho & SMBC, Maybank,
Mega Int'l, Cathay United
Schulte Group Bank of China 149 Credit line for 9 chemical tankers built at Dec-09
Jianzhou Union Shipbuilding
Seaways Shipping Yes Bank, Canara Bank 9 Rs 400M facility secured by vessels and receivables. Dec-09
United Maritime Group BofA, Wells Fargo, Jefferies 150 4 year revolver of which $80 million to be drawn initially to Dec-09
repay debt. 1st Lien security rated B/B2.
Torm Bank of China, SocGen, Sinosure 167 Export financing for 6 MRs to be delivered between 2010/12. Dec-09
AP Moller Maersk Eksport Kredit Fonden 523 8.5 year term loan with proceeds passed on to . Dec-09
equipment suppliers
Ocean Dragon Maritime & Chinatrust, Citi, Mega Int'l, Shanghai Commercial, 51 7 yr dual currency term loans priced at L + 200 Dec-09
Ocean Phoenix Maritime Taipei Fubon
Azuma Shipping SMBC, SMBC, Chuo Mitsui Trust & Banking, 46 2 year for Corp. purposes; JPY 4bn 2 year facility Nov-09
Mizuho Bank, Gunma Bank Ltd, Resona Bank Ltd,
Yamaguchi Bank
Evergreen Marine Corp. Land Bank of Taiwan, Bank SinoPac, E Sun 95 5 year Revolver facility for Working Capital Nov-09
Commercial Bank, Jih Sun International Bank,
Chang Hwa Commercial Bank, Yuanta Commercial
Bank Co Ltd.
Diana Shipping Bremer Landesbank 40 Finance portion of M/V Houston. Nov-09
Malaysia Offshore Mobile ABN AMRO, ANZ, ING, Mizuho, SMBC 110 7 year project financing for 2 mobile offshore production units. Nov-09
Production (Labuan)
Teekay LNG Partners 122 Credit Facility to finance 5 newbuilding Nov-09
Skaugen LPG/Multigas carriers.
Ta Tong Marine Co Ltd Citibank, Chinatrust Commercial Bank Ltd, Mega 49 7 year Term Loan facility for Capital expend. Nov-09
International Commercial Bank Co Ltd, Shanghai
Commercial & Savings Bank, Taipei Fubon F
Commercial Bank
e
STX Pan Ocean Co Ltd Bank of China, , 80 12 year Amortizing facility Nov-09
b
FreeSeas First Business Bank of Greece 28 7 year term loan refinances $22M debt on Impala. Neptune Nov-09
r
included as additional collateral. Balance for acquisitions,
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working capital. LTV amended.
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Teekay Offshore Partners ING 260 Revolver secured by Petrojarl Varg FPSO. Proceeds to re-pay Nov-09
$160M of vendor financing with balance for working capital.
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Thoresen Thai Agencies Kasikornbank Public Co Ltd , Krung Thai Bank 200 3 year Term Loan facility for Capital expend. Nov-09
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Public Co Ltd Public Co Ltd, Export-Import Bank of Thailand and /
Mizuho Corporate Bank Ltd m
Dong-A Tanker NIBC as arranger 23 Senior loan to part finance two 13,000 DWT chemical tanker Nov-09 a
Corporation newbuildings r
Noble Group Agricultural Bank of China, BTMU, China 2,400 An extension of $1.2 bn unsecured revolving credit facilities for Nov-09 c
Development Bank, Commerzbank, DBS, HSBC, an additional 1 and 2 years. And a new $600M unsecured h
ING, JPMorgan, RBS, SocGen & Standard Chartered revolver.
as bookrunning MLAs 2
MISC ANZ, ING Bank, Mizuho Corporate Bank, 110 7 year Term Loan facility for Project financing Oct-09 0
RBOS, SMBC 1
0
www.marinemoney.com Marine Money 25Selected 2009 Bank Debt Transactions continued
Borrower Lender, Advisors, and Managers Amount Comments Date
(US$ M)
Reederei Claus-Peter Offen KfW Application for loans from state under the . Oct-09
KfW-Sonderprogramm rejected
NYK Line BTMU, BTMU, Mitsubishi UFJ Trust & 276 1 year Revolver facility for Working Capital Oct-09
Banking Corp, Mizuho Corporate Bank Ltd. and
Norinchukin Bank
Daewoo Shipbuilding and ANZ, Korea Exchange Bank, Natixis and 2 year club deal Oct-09
Marine Standard Chartered
Grimaldi European Investment Bank 117 EUR 80M loan to purchase Cruise Europa ferry. 2nd tranche of Oct-09
a total EUR 250m in loans that EIB approved to fund fleet
expansion.
Aegean Marine Petroleum National Bank of Greece 50 Senior secured revolving credit facility, guarantee and L/C. Oct-09
Renewable 1 year term
Fairstar Heavy Transport Fortis 15 4 yr floating rate facility at LIBOR + 4% secured by 2nd Oct-09
mortgage on FJORD & FJELL. Proceeds to redeem Company’s
outstanding NOK 124 m Bond
GreatShip (India) Ltd , Axis Bank, Bank of Nova Scotia, DBS Bank and 140 5 year Term Loan facility for Construction finance Oct-09
Thanachart Bank Public Co. Ltd.
NYK Line BTMU and Mitsubishi UFJ Trust & Banking Corp., . 2004 10 year Term Loan facility for Working Capital Sep-09
Sumitomo Trust & Banking Co Ltd
NYK Line BTMU, BTMU, Meji Yasuda Life Insurance Co. 223 10 year Term Loan facility for Working Capital Sep-09
NYK Line BTMU, BTMU, Hachijuni Bank Ltd. 559 5 year Term Loan facility for Working Capital Sep-09
Vanship Holdings NIBC 16 Senior loan facility for a Handysize dry bulk newbuilding Sep-09
Armada Oyo SMBC as structuring bank, ABN AMRO, ANZ, 190 5.5 yr loan with USD 100 million guaranteed by SACE Sep-09
(Bumi Armada) Banca UBAE, Maybank, Standard Chartered, WestLB
First Steamship First Commercial Bank, Shanghai Commercial & 30 Standby letter of credit with an annual L/C fee of 90 bps Sep-09
Savings Bank
OSG China EXIM Bank Secured 12 year credit facility to pay for 5 crude oil tankers built Sep-09
in China (3 VLCCs, 2 Aframax). First U.S. Loan by China Exim.
SV Oil and Natural Gas Chang Hwa Commercial Bank. First Bank of Nigeria, 51 4 year loan priced at 400 bps above LIBOR Sep-09
State Bank of India, State Bank of Mauritius and
Standard Chartered
TMT Meriel Partners, Dongbu Insurance Co. 20 5 yr senior loan facility for 1996 built Capesize Sep-09
Wisdom Marine Lines Mega International Commercial Bank, Land Bank of 497 8.5 year Amortizing facility Sep-09
Taiwan and Taiwan Cooperative Commercial Bank ,
Mega International Commercial Bank, Land Bank of
Taiwan and Taiwan Cooperative Commercial Bank,
Bank SinoPac, Bank of Taiwan, Taipei Fubon
F
Commercial Bank and E Sun Commercial Bank
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Noble Group BTMU, Commerzbank, DBS, HSBC, ING, 600 USD 600M top up on existing 1.2 bn facility Aug-09
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JP Morgan Chase, RBS, Societe Generale,
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Standard Chartered
u Onsys Asian finance bank 14 Credit facility to partly finance 2 product tankers Aug-09
a Korea Gas Corp ANZ, BNP Paribas, Calyon, Crédit Industriel et 481 10 year term loan to refinance existing debt Aug-09
r Commercial, Natixis,NIBC Bank Ltd, SMBC, KDB,
y Bank of Nova Scotia, BTMU and WestLB AG
/ Fairstar Heavy Transport Fortis 15 4 yr floating rate loan, secured by 2nd mortgage over ‘Fjord’ & . Aug-09
m ‘Fjell’ vessels. To refinance outstanding NOK 150m bond
a Top Ships DVB 23 Issued 12.5M common shares to be pledged as security for a Aug-09
r bridge loan provided as part of the financing of the M/T
c “HONGBO”
h American Petroleum DVB 250 Finance 3 undelivered tankers that were part of Jul-09
Tankers USS LP/Blackstone JV
2 First Steamship Shanghai Commercial & Savings Bank and 33 3 year standby letter of credit Jul-09
0 Chang Hwa Commercial Bank
1 Mermaid Offshore Kasikornbank Public Co Ltd , , Bank of Ayudhya Ltd 65 10 year Term Loan facility for Construction finance Jul-09
0 Services Co Ltd
26 Marine Money www.marinemoney.comSelected 2009 Bank Debt Transactions continued
Borrower Lender, Advisors, and Managers Amount Comments Date
(US$ M)
Korea Gas Corp. I KDB, ANZ, Bank of Nova Scotia, Bank of 386 Sr. term loan facility for Refinancing Jul-09
Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Credit
Industriel et Commercial, Natixis, NIBC Bank,
Sumitomo Mitsui Banking Corp and WestLB
Korea Gas Corp. I KDB, Itochu Corp. & SMBC 96 Jr. term loan facility for Refinancing Jul-09
Xihe Holdings (Pte) Ltd. Standard Chartered Bank 28 Part of Hin Leong Group; Loan secured by newly Jul-09
(Ocean Tankers) delivered tanker
CIT Group Evercore, Morgan Stanley for CIT. Skaaden and 3,000 Secured term loan & commenced cash tender offer for Jul-09
Wachtell as legal for CIT, Latham & Watkins as legal outstanding floating rate senior notes due end of August all as
for Barclay's. , Barclay's Capital for the term loan part of comprehensive restructuring and recapitalization plan
financing, Group of Company's internal bondholders
China Shipbuilding Bank of China Corporation Up to Includes a credit line of RMB 80 billion to support the Jul-09
1,100 borrower's business in shipbuilding and repair
Oiltanking Odfjell DBS Bank Ltd., Calyon, OCBC 138 6 yr facility to refinance existing loans Jul-09
Terminal Singapore
Poseidon Marine (Taiwan) Chang Hwa Commercial Bank 66 10 year loan Jul-09
Royal Boskalis Westminster Rabobank, ING, Friesland Bank, RBS, 350 3 yr credit facility to finance the reinforcement and expansion Jul-09
Deutsche Bank, Fortis, BNP Paribas EURO of activities
Trada Maritime BTMU 35 Credit facility for acquisition of ships Jul-09
Mercator Offshore Ltd. ICICI Bank, ICICI Bank, State Bank of India, 155 6 year Amortizing facility for Refinancing Jul-09
Indian Overseas Bank, Indian Bank and Bank of Baroda
Commercial Barge Bank of America, UBS, SunTrust & Wachovia 350 4yr senior secured first lien asset-based revolving credit facility Jul-09
Line Company concurrent with bond issue
Sincere Navigation Mega International Commercial Bank, Mega 66 10 year Amortizing facility Jun-09
International Commercial Bank, Chang Hwa
Commercial Bank, Export-Import Bank of Taiwan,
First Commercial Bank and Taipei Fubon
Commercial Bank
Farstad Shipping Nordea NOK 415 To finance 'Far Scorpion' Jun-09
Navios Maritime Commerzbank 240 10 yr soft loan with 2.25% margin and 17 yr amortization Jun-09
concurrent with acquisition of 4 capesize vessels, 3 from
Commerzbank controlled companies
Odebrecht Kexim 300 165 million in loans and USD 135 million in guarantees for the Jun-09
financing of 2 drillships
Seadrill A syndicate of international banks and export . 1500 Senior secured credit facility to refinance existing $1billion Jun-09
credit agencies bridge loan; Secured by 1st priority mortgages on 3 drill rigs,
1 drillship. 5 yr tenor, 8.5 yr amortization.
F
Scorpion Offshore 52 6 month bridge loan for working capital; loan to be repayed Jun-09
e
from sales proceeds from Offshore Mischief. Guaranteed by
b
Seadrill and Christian Sveaas for 8.5% fee.
r
Mitsui OSK Lines SMBC, SMBC, Gunma Bank and Hoketsu Bank 209 3 year Term Loan facility for Working Capital Jun-09
Vinalines Credit Suisse Up to 600 Credit Suisse has been mandated on a 5yr amortising facility May-09
u
CIDO Calyon, Credit Suisse and Nordea, 125 5 year Term Loan facility for Construction finance May-09
a
Daiichi Chuo Kisen Kaisha SMBC, Sumitomo Trust & Banking Co Ltd., 78 4 year Term Loan facility for Capital expend. Apr-09 r
BTMU and Norinchukin Bank y
Mitsui OSK Lines SMBC, SMBC, BTMU and Mizuho 309
1.6 year Revolver facility for Working Capital Apr-09 /
Cecon Export Development Canada 200
Construction loan for Cecon's 3 newbuilds at Davie. 12 yr Apr-09 m
tenor post-delivery and secured by 1st mortgage. Contingent a
upon 20m equity issue and amendment of 2nd priority bond loan. r
Contender Marine Standard Chartered Bank 21 Re-financing part of the existing indebtedness of Contender Apr-09 c
Marine's parent company h
Euronav Nordea, Calyon, SG, BoA, Scotiabank as mlas, Nordea, 300 Partially finance 2 VLCC's: 2008-built 'Olympia' 2009 built Apr-09
Calyon, SG as bookrunners 'Antarctica' and 4 Suezmaxes: Cap Felix (2008) Cap Theodora 2
(2008) and 2 newbuildings delivering June and Nov 2009 0
GC Rieber Shipping Handelsbanken NOK250 Agreement to extend existing undrawn credit facility from Apr-09 1
($37) Dec 2009 through Dec 2011 0
www.marinemoney.com Marine Money 27Selected 2009 Bank Debt Transactions continued
Borrower Lender, Advisors, and Managers Amount Comments Date
(US$ M)
Odessa Terminal Holdco European Bank for Reconstruction and Development 37 Partially finance CMA CGM-sponsored $130m project to Apr-09
construct new container terminal at Port of Odessa; EBRD
will also take 5% equity stake.
Wisdom Marine Lines Mega International Commercial Bank 170 Mega Bank has been mandated by the Taiwanese bulk ship Apr-09
owner for a JPY16.26 billion financing
Daiichi Chuo Kisen Kaisha SMBC, Sumitomo Trust & Banking Co Ltd., BTMU, 49 1.3 year Revolver facility for Debt repayment Mar-09
Mizuho Corporate Bank and Norinchukin Bank
Modec Inc. SMBC, SMBC, Chuo Mitsui Trust & Banking, 110 2 year Revolver facility for Corp. purposes Mar-09
Mizuho Corporate Bank Ltd, Norinchukin Bank,
Sumitomo Trust & Banking Co Ltd
NYK Line BTMU, Mitsubishi UFJ Trust & Banking Group, 325 5 year Term Loan facility for Working Capital Mar-09
Gunma Bank Ltd
Modec Inc. SMBC, SMBC, Chiba Bank Ltd, Hyakujushi Bank, 31 2 year Term Loan facility for Corp. purposes Mar-09
Kiyo Bank Ltd, Yamaguchi Bank
Farstad Shipping Eksportfinans ASA with DnB NOR, GIEK and NOK 680 To finance newbuilding CSV with 5 yr contract with Saipem. Mar-09
Handelsbanken as guarantors ($101)
James Fisher Barclays Bank 36 For further expansion opportunities Mar-09
NWS Transport Bank of China, Calyon, HSBC, Standard Chartered 168 3 yr club deal Mar-09
Precious Shipping DnB NOR, Natixis and NIBC 100 Extension of existing credit facility for 2nd hand vessel Mar-09
acquisitions; 8-year revolver
Precious Shipping Krung Thai, Bank of Ayudhya and Siam City Bank 250 Extension of existing credit facility for 2nd hand Mar-09
vessel acquisitions
STX Pan Ocean DVB Bank, Fortis Bank, KDB 41 5 yr loan Mar-09
Danaos Corporation Deutsche Schiffsbank 299 Primarily to fund newbuildings. Mar-09
COSL China Citic Bank, China Investment & Finance Ltd., 200 3 year Term loan facility for Refinancing Feb-09
Mitsui OSK Lines SMBC, SMBC, Gunma Bank Ltd and Momiji Bank 182 3 year Term Loan facility for Working Capital Feb-09
Aegean Marine Petroleum HSH Nordbank, Royal Bank of Scotland 300 2 yr senior secured revolving and L/C facility. LIBOR+ 50 bps Feb-09
for L/C, +150 bps for Standby L/C, +250 bps for direct
borrowings.
Arkas Group KfW IPEX Bank 68 12 yr loan to finance 2x 1,600 teu new building boxships to be Feb-09
delivered in July and September 2009. CIRR hedges rate
fluctuations.
Navios Maritime Holdings Deka Bank, Marfin, Egnatia Bank 354 10yr $120m term loan to partially fund 2 capesize newbuildings, Feb-09
3yr $34m convertible loan to fund Navios Vega, 2yr $200m
revolver for general corporate purposes. Spreads range from
190-275 bps. Facilities fund all remaining acquisitions
Evergreen Marine Corp. Mega International Commercial Bank, First 90 5 year Bullet Loan facility Jan-09
F
Commercial Bank, Land Bank of Taiwan, Ta Chong
e
Bank & Yuanta Commercial Bank , Cathay United Bank
b
K-Line Mizuho Corporate Bank Ltd., Mizuho Corporate 223 1 year Term Loan facility for Working Capital Jan-09
r
Bank Ltd., BTMU and SMBC
u STX Pan Ocean Co Ltd DVB, Fortis, KDB, 41 5 year Amortizing facility Jan-09
a Lamnalco Group Standard-Chartered Bank, Rabobank, ING 125 To refinance existing fleet of 15 AHTS vessels and for s Jan-09
r new acquisition
y Scorpion Offshore HVB 169 Subsidiaries secure financing for remaining progress payments Jan-09
/ and to re-finance bridge loan for Offshore Freedom.Two tranches
m amortizing over an average period of 4 years.
a Stena Citi, Korea Export Insurance Corporation, 850 Pre- and post delivery financing for new drillship built at Jan-09
r Eksportfinans; Watson, Farley & Williams as Samsung in Korea for delivery in 2011
c advisors to Citi
h BC Ferries KFW IPEX Bank 86 12 yr loan at 2.95% rate to fund construction of Jan-09
ferry newbuilding
2 Thoresen Thai Kasikornbank, Krung Thai, Ex-Im Bank of Thailand, 200 3 year term loan for expansion. Jan-09
0 Mizuho
1
0
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