7 January 2013
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised a consortium of eight banks on a US$700m seven-year term loan and revolving credit facility to Sovcomflot (“SCF”).
The eight leading international banks included Citibank, N.A., London Branch, Bank of America N.A., BNP Paribas S.A., DVB Bank SE, ING Bank N.V., London Branch, Nordea Bank Norge ASA and Skandinaviska Enskilda Banken AB as mandated lead arrangers and Morgan Stanley Senior Funding Inc. as arranger.
The loan is secured by 32 crude oil tankers and oil products carriers from the existing SCF fleet, and will include two oil product carriers currently under construction. It is intended to be used to refinance the Group’s existing bank debt as well as for general corporate purposes.
SCF is one of the world’s leading shipping companies, specialising in crude oil, petroleum products and liquefied gas transportation. The fleet includes 156 vessels with a total deadweight of nearly 12 million tonnes. The company is registered in St. Petersburg.
The WFW team was led by partner Nigel Thomas, assisted by associates Kavita Shah, Katharine Langabeer and Emily King, and trainee Michaela Croft. WFW New York partner Leo Chang advised on aspects of Liberian law, while London partner Simon Kavanagh advised the swap banks.