Bulk Carrier

WFW advises Nordea Bank on revolving credit facility

28 June 2016

International law firm Watson Farley & Williams LLP (“WFW”) acted for Nordea Bank Norge ASA in relation to a US$303,000,000 revolving credit facility made available to CMB N.V.   Mandated lead arrangers are ABN AMRO, Belfius Bank, BNP Paribas Fortis, DNB (UK) Limited, Century Tokyo Leasing Corporation, KBC Bank, Nordea Bank Norge ASA, Scotiabank Europe plc and Skandinaviska Enskilda Banken AB (publ) and Nordea Bank Norge ASA acted as coordinator, agent and security trustee.  The loan refinanced various CMB facilities and is secured by mortgages over 29 ships registered on Belgian and Hong Kong flag with one ship registered in Liberia.

London maritime partner, Michael O’Donnell led the WFW team for Nordea on the loan facility, assisted by associates Nigel Willis and Philip Arcoumanis.  WFW Hong Kong and New York provided Hong Kong and Liberian law advice respectively.

Michael commented: “WFW have acted for Nordea and various other banks on their loan facilities to CMB for a number of years and we were very pleased to act for Nordea on this significant financing for CMB which refinanced a number of loan facilities to bring a large number of ships under this loan facility.  It was challenging, and satisfying, to be able to repay multiple loan facilities and register mortgages on 29 ships on the same day given the number of jurisdictions and ships involved”.