White & Case Advised on Structured Finance Deal of the Year
White & Case advised on Marine Money International magazine's "Structured Finance and Innovation Deal of the Year," United Arab Shipping Company's US$162 million enhanced maritime trust certificates transaction, announced in the February/March 2016 issue.
In the award-winning deal, we advised the United Arab Shipping Company in a US private placement/Regulation S structured financing relating to various container vessels. The transaction adopted financing technologies used in other transportation sectors and is an important step in shipping companies' efforts to access new sources of capital to address long-term capital expenditure requirements at a time when banks are reducing exposures to the sector.
In its profile of the winning transaction, Marine Money International described the deal as "the first shipping transaction of its kind to incorporate structured finance technology by ensuring favorable legal protection, timely creditor access to the vessel collateral and a liquidity facility similar to an Enhanced Equipment Trust Certificate."