Global law firm White & Case LLP advised on five transactions honored with 2025 "Deal of the Year" awards by Marine Money.
The winning transactions are:
Equity-linked Deal of the Year: CMA CGM issues Air France-KLM convertible bonds
White & Case advised a banking syndicate on the issuance by CMA CGM S.A., a global logistics group, of senior unsecured bonds due 2028 exchangeable into existing Air France-KLM S.A. ordinary shares for an amount of €320.7 million. The offering initially covers the full stake owned by CMA CGM in Air France-KLM, representing approximately 23.1 million shares or 8.8 percent of the airline's share capital. The net proceeds of the offering will be used for general corporate purposes.
Bank Debt Deal of the Year: Genco Shipping's US$600 million sustainability-linked revolver
White & Case advised Nordea Bank as administrative agent, collateral agent, security trustee, coordinator, sustainability coordinator and lender in the increase and extension of Genco Shipping & Trading Limited's revolving credit facility. Genco, the largest US-headquartered dry bulk shipping company, operates a diversified fleet transporting commodities worldwide. The amended facility provides up to US$600 million in revolving commitments for general corporate and working capital purposes and includes a sustainability-linked margin ratchet tied to decarbonization goals.
Wild Card East Deal of the Year: Fund for energy-efficient technologies
White & Case advised Development Bank of Japan on its collaboration with the Global Centre for Maritime Decarbonisation and AIM Horizon Investments to establish the Fund for Energy Efficiency Technologies. The initiative is the world's first fund for vessel retrofits using a pay-as-you-save structure, providing up to 100 percent financing for energy efficiency technologies. Our client subscribed for preferred shares, supporting shipowners' decarbonization efforts and compliance with tightening environmental regulations.
Offshore Bank Debt Deal of the Year: US$450 million term loan to Otto Candies
White & Case advised CLMG Corp. as administrative agent and collateral agent, and Beal Bank USA as lender, in connection with a financing for Otto Candies to acquire four offshore support vessels. Otto Candies is a leading Jones Act operator and provider of marine transportation services in the Gulf of Mexico.
Offshore Restructuring Deal of the Year: Bourbon's financial and capital restructuring
White & Case advised Bourbon and Davidson Kempner Capital Management on Bourbon's financial and capital restructuring, under which funds managed by affiliates of Davidson Kempner and Fortress Investment Group became majority shareholders. The restructuring reduces Bourbon Group's financial debt to less than 1.5 times EBITDA through debt-to-equity conversion and new capital, enabling investment in its fleet, growth strategy and support for customers in the offshore energy market. Bourbon Group provides innovative and sustainable maritime services for oil, gas and wind sites.
Partner Elizabeth Kirk commented: "I'm proud that so many White & Case transactions have been recognized as 2025 Marine Money Deals of the Year. This recognition underscores our team's ability to deliver sophisticated and creative solutions for the shipping and offshore maritime sector against a backdrop of market volatility, evolving decarbonization rules and shifting global trade patterns."
