1 September 2015
Athens-based shipping company Diana Shipping Inc. (“Diana”) has secured a US$165 million five-year term loan facility with Watson Farley & Williams (“WFW”)-advised BNP Paribas, secured over 18 dry bulk carriers in the Diana fleet.
The funds from the loan facility were used to prepay in full the balance of a pre-existing US$195 million revolving credit facility with the Royal Bank of Scotland plc. WFW advised BNP Paribas as Agent, Security Trustee, Bookrunner and Swap Bank.
Diana is a global shipping company, specialising in the ownership of dry bulk vessels and its fleet currently consists of 41 dry bulk vessels, mainly Panamax class, but including Capesize, Kamsarmax, Post-Panamax and Newcastlemax class vessels. It currently has four newbuild vessels – one Capesize, two Newcastlemax and one Kamsarmax – on order which are expected to be delivered within the next 12 months. The company’s vessels are primarily employed on medium to short-term charters and transport a range of dry bulk cargoes, including iron-ore, coal, grain and other materials.
The WFW team was led by WFW asset finance partner and head of Greece, George Paleokrassas. He was supported by senior associate Vassiliki Georgopoulos and associates Erica Lacombe, Nadine Akleh, Eirini Portokalaki and Georgia Theologidou.
Partner George Paleokrassas said: “We are pleased to have been instructed by BNP Paribas on this important financing with Diana Shipping, a key global player in the dry bulk market. BNP Paribas is a long-time client of WFW and remains a leading financier in the shipping industry. This facility permits Diana to refinance part of its existing indebtedness as it continues to expand and modernise its fleet with four newbuildings due for delivery in the next 12 months.”