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Marine Money

Marine Money Names Three White & Case Transactions "Deals of the Year"

Marine Money magazine has named three transactions on which White & Case advised among its "Deals of the Year" for work performed in 2019, in its annual Deals of the Year Awards.

The deals honored were:

Editor's Choice, Deals of the Year

White & Case advised CLMG Corp. (an affiliate of Beal Bank), as administrative agent and collateral agent, and LNV Corp., as lender, on an up to US$306 million senior secured credit agreement provided to Nordic American Tankers Ltd. (NYSE: NAT), a crude oil tanker owner/operator incorporated in Bermuda. In choosing this transaction, Marine Money noted "[i]t was a perfect storm, leaving NAT printing cash and the bank rapidly reducing its risk."

Offshore Innovation Deal of the Year

White & Case advised Citigroup Global Markets Inc., as global coordinator, and Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc., as joint bookrunners, in a Rule 144A/Regulation S offering of US$1.1 billion senior secured notes by MV24 Capital B.V., a Dutch special-purpose entity owned by Mitsui & Co., Ltd, MODEC, Inc., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation. The proceeds of the notes were used to refinance FPSO Cidade de Mangaratiba MV24, which is operated by Modec in the Iracema Sul oil field. "The deal was the first ever 144A for a project bond FPSO," Marine Money reported, "opening up a new and greatly needed pool of capital that will facilitate the next cycle of industry investment."

M&A Deal of the Year

We advised Nordea Bank Abp, New York Branch, Skandinaviska Enskilda Banken AB (publ) and Crédit Agricole Corporate and Investment Bank, as bookrunners and lead arrangers, and Nordea Bank Abp, New York Branch, as administrative agent and collateral agent, on the provision of up to $360 million of term loan and revolving credit facilities to refinance certain existing debt of Diamond S Shipping Inc. (NYSE: DSSI) and to finance the acquisition by DSSI of 25 crude tanker and product tanker vessels owned by Capital Product Partners L.P. via a spin-off, re-listing and subsequent $1.65 billion merger of the tanker fleets.