Patrick Smith
Partner, Asset Finance

LONDON

T: +44 20 7814 8000
D: +44 20 7814 8011
M: +44 7738 329 556

EmailE: psmith@wfw.com

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Patrick Smith

Summary Open

Patrick is a Partner in the Asset Finance group.

He specialises in shipping finance, predominantly working on debt finance transactions for owners, international banks and private equity funds. He regularly acts on restructuring transactions and the maritime and due diligence aspects of mergers, fleet acquisitions and loan portfolio sales.

Patrick qualified in January 2006 and joined Watson Farley & Williams as an Associate in June 2007. He has spent several months working in the firm’s office in Greece and has also worked for several months in Russia.

Experience Open

    Patrick’s experience includes:
    • Advising a Teekay LNG joint venture with a Chinese counterpart on a US$1.6bn term loan facility from a Chinese bank to fund six 172,410cm Arc7 liquefied natural gas (“LNG”) carrier newbuildings for the Yamal LNG project.
    • Advising Teekay LNG on Chinese sale and leaseback transactions worth over US$1bn from three different lessors for six 173,400cbm MEGI LNG carriers
    • Advising General Maritime Corporation on its US$1.4bn merger with Navig8 Crude Tankers to create one the world’s largest owners of very large crude carriers (VLCCs) with a combined fleet of 28 VLCCs.
    • Advising Teekay Offshore with its recent recapitalisations in 2016 and 2017, including finance and swap amendments resulting from the $610m investment by Brookfield.
    • Advising Teekay LNG on a US$327m long-term financing of a floating storage unit (“FSU”) for the Bahrain regasification project, and one MEGI LNG carrier newbuilding.
    • Advising HSH Nordbank AG (“HSH”) on innovative venture with the Navios Group to transfer ten distressed vessels with a market value of US$218m out of HSH’s non-core portfolio.
    • Advising Teekay Tankers (“TNK”) on the US$0.9bn financing arranged by Nordea, Citibank and ABN to refinance the original US$845m financing of TNK’s spot tanker fleet (on which he also acted).
    • Advising Teekay LNG Partners LP and Marubeni Corporation on their successful joint venture acquisition of six LNG carrier vessels from Maersk LNG for a purchase price in excess of US$1.3bn and the related loan facilities in a total amount of US$1.064bn made available by two syndicates of banks, one led by DNB Bank ASA and another by Mizuho Corporate Bank, Ltd..
    • Advising National Shipping Company of Saudi Arabia in relation to SAR1,233,900,000 and US$120m Tawarruq facilities to finance pre- and post-delivery of six newbuilding roll-on, roll-off vessels being built at Hyundai.
    • Advising Crédit Agricole CIB on US$200m facility to Petredec with commercial and KSure insured tranches to provide post-delivery financing for four 84,000cbm LPGs.

Education Open

  • 2003: Nottingham Law School, Diploma in Legal Practice
  • 2002: Nottingham Law School, Postgraduate Diploma in Law
  • 2001: Christ Church, Oxford University, MA (Oxon) Modern History and Russian

Author/Speaker/Awards Open

Awards:

Patrick has acted for WFW on the following “Marine Money Deals of the Year”:

  • 2017 Recapitalisation Deal of the Year – debt finance aspects relating to $610m Brookfield and $30m Teekay Corporation investment in Teekay Offshore
  • 2017 ECA Deal of the Year: West – $327m financing of an FSU and MEGI LNG carrier for Teekay LNG
  • 2016 Recapitalisation Deal of the Year – Teekay Offshore and Teekay Corporation – debt finance aspects relating to injection of US$550m bank financing
  • 2015 M&A Deal of the Year – English law aspects of General Maritime Corp. and Navig8 Crude Tankers merger
  • 2014 ECA Deal of the Year (Offshore) – US$815m for Teekay’s FPSO Petrojarl Knarr, supported by KEXIM, KSure and GIEK
  • 2013 Restructuring Deal of the year – HSH Nordbank AG and Navios financing for 10 distressed vessels
  • 2011 Dealmaker of the year (Teekay’s Peter Evensen and Friends) – advising on Teekay Corporation’s acquisition of three FPSOs from Sevan Marine and Teekay LNG Partners L.P. and Marubeni’s acquisition of Maersk LNG carriers
Speaker:
  • 2018 Shipping Professional Network London (SPNL) – The Dry Bulk Market in 2018: Riding a Bull in a China Shop
  • 2016 Young Maritime Professionals (YMP) – Trends in shipping finance, the role of private equity
  • 2015 CityLaw LIVE – the Anatomy of an Asset Finance Transaction

Membership of Professional Societies Open

  • Law Society of England & Wales

Employment Record Open

  • 2007 – present: Partner, Watson Farley & Williams
  • 2004 – 2007: Associate, Norton Rose Fulbright

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