BEYOND THE HEYDAYS: THE BANK DEBT AWARD - By Rodricks Wong

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BEYOND THE HEYDAYS: THE BANK DEBT AWARD - By Rodricks Wong
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
      2
          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.com
Source: 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.
                                                                                                                                                a
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
                                                                                                                                                c
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.com
Selected 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.
                                                                                                                                                                r
Thoresen Thai Agencies   Kasikornbank Public Co Ltd , Krung Thai Bank         200   3 year Term Loan facility for Capital expend.                      Nov-09
                                                                                                                                                                y
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

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Selected 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
e
     Noble Group                BTMU, Commerzbank, DBS, HSBC, ING,                     600     USD 600M top up on existing 1.2 bn facility                         Aug-09
b
                                JP Morgan Chase, RBS, Societe Generale,
r
                                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.com
Selected 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
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                                                                                             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

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Selected 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

28      Marine Money                                                                                                www.marinemoney.com
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