$133m refinancing of dry bulk carriers

Bernitsas Law acted as lead counsel to a major Greek shipping group on the $133m refinancing by Credit Agricole Corporate and Investment Bank as senior lender and bondholder of seven Cyprus Flag bulk carriers. We advised on the structuring of the transaction, assisted in drafting and negotiating the transaction documentation and coordinated legal counsel from numerous jurisdictions, including England, Cyprus, France, Liberia and the Marshall Islands. The transaction involved a $96m senior facility agreement, a$37m junior bond and a c.$10m intra-group loan. The facility structure involved separate parallel groups of lenders with separate parallel security interests and two sets of intercreditor arrangements.

Panayotis Bernitsas, Managing Partner, and Dionysis Flambouras, Senior Associate, led the transaction.

Keystone Law acted as English Counsel to the Shipping Group and Watson Farley and Williams Athens as English Counsel to the financing bank.