Tanker at sea bow to stern

WFW advises syndicate of lenders on US$963.7million Korean ECA-backed financing to Gener8 Maritime group for 15 vessels

5 October 2015

Watson Farley & Williams (“WFW”) is pleased to announce that it acted as lead counsel advising a syndicate of lenders globally co-ordinated by Citibank N.A. and Nordea Bank Finland plc, New York Branch, on a term loan facility of up to US$963,743,455 to Gener8 Maritime, Inc.

The facility finances the group’s acquisition of 15 newbuildings, most of which are to be built in Korean shipyards. The newbuildings will be delivered between 2015 and 2017.

The WFW team was led by Hong Kong office head and finance partner Madeline Leong, supported by Valerie Lee and Rex Chan and WFW New York partners Daniel Rodgers and John Benson, who were  supported by Han Deng and Joice Varghese.

The syndicate of 15 international lenders were from the US, European and Asian offices of international banks. The transaction was closed within a challenging timeline and involved careful co-ordination with KEXIM and K-sure and their legal counsels.

Gener8 Maritime is a leading US-based provider of international seaborne crude oil transportation services listed on the NYSE and was created by the merger of General Maritime Corporation and Navig8 Crude Tankers Inc. earlier this year.

WFW Hong Kong partner Madeline Leong said “This financing, which enables Gener8 Maritime to expand its fleet of vessels, demonstrates the strength and capability of Citibank and Nordea to co-ordinate such a large and successful syndication; the continued popularity of Korean shipyards in the maritime sector and the important role which Korean ECAs play in the growth of the Korean shipbuilding industry.  We are delighted to have worked with the lenders on this financing. ”