International law firm Watson Farley and Williams LLP (“WFW”) advised Nordea Bank AB (publ), filial i Norge (“Nordea”) in relation to a US$409.5m revolving credit loan facility for Euronav. The loan will refinance a US$500m facility signed in 2014 on which WFW also acted for Nordea and will provide Euronav with funds for general corporate and working capital purposes. Mandated lead arrangers are ABN AMRO Bank NV, Danish Ship Finance, DNB (UK) Limited, ING Bank, Nordea Bank AB (publ), filial i Norge and Skandinaviska Enskilda Banken AB (publ). The facility refinances 11 VLCCs registered on Belgian, Marshall Islands and French flags and matures in 2023.
Maritime Partner Michael O’Donnell led the WFW London team acting for Nordea on the loan facility, assisted by Associates Emeline Yew and Philip Arcoumanis. WFW New York and WFW Paris provided Marshall Islands and French law assistance respectively. Fransen Luyten acted as Belgian counsel.
Michael commented: “We were very pleased to act for Nordea on this loan facility to enable Euronav to refinance its US$500m facility which was completed just after Euronav’s US$186m sale and lease back deal”.