Law firm Stephenson Harwood LLP has advised each of two banks, on a series of facilities transfers, each in connection with the acquisition of a series of shipping finance facilities and their respective securities from an international bank. The two Netherlands banks have a long-standing and established presence in the shipping industry. The transactions relating to the transfer of facilities had a total aggregate amount of US$135 million. The Stephenson Harwood team advised on a wide range of aspects, including: the underlying loan documentation; detailed due diligence reports; notification and consent requirements; the transfer of English law loan and security documentation; liaising with correspondent counsels in different jurisdictions; transfer documentation; and fresh securities and requisite amendments to the loan documentation. “This was a complex and multifaceted deal on which to advise,” said Chris Vartzis, partner, Stephenson Harwood. “It required working on a number of elements simultaneously across several jurisdictions, including the Marshall Islands, Liberia, Holland, Bahamas and Norway. Our market-leading ship finance expertise, and extensive experience in this area, meant we were well placed to advise on this loan portfolio transfer.” The Stephenson Harwood Piraeus-based team was led by partner Chris Vartzis, who was supported by the Piraeus ship finance team
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Stephenson Harwood advises on loan portfolio transfer of major international bank
