White & Case deal named Marine Money’s “Green Finance – Sustainability-Linked Deal of the Year”
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Marine Money magazine selected our 2020 transaction as a "Green Finance" winner.
In highlighting the deal's innovative aspects, Marine Money described it as "remarkable, as it is the first ever financing structured with a sustainability-linked pricing mechanism for a NYSE-listed shipowner in which the margin is linked to carbon emission reduction."
White & Case advised Nordea Bank Abp, New York Branch, ABN AMRO Capital USA LLC, Crédit Agricole Corporate & Investment Bank, DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (Publ) as mandated lead arrangers and bookrunners, BNP Paribas and Danish Ship Finance A/S as lead arrangers, and Nordea Bank Abp, New York Branch, as administrative agent, collateral agent and security trustee, on the provision of an up to US$350 million term loan facility and a US$40 million revolving credit facility used by International Seaways Operating Corporation to refinance certain existing debt agreements and for general working capital purposes.
The sustainability-linked pricing is based on data reported under the Poseidon Principles, a new global framework for sustainable ship financing intended to help incentivize decarbonization of the industry in line with the International Maritime Organization's goals.