Norton Rose Fulbright advises Citibank on $450m facility for Danaos Corporation to acquire eight newbuild vessels

Global law firm Norton Rose Fulbright has advised Citibank, N.A. (Citibank), as coordinator, BNP Paribas, KfW and Alpha Bank on a $450m syndicated facility for Danaos Corporation (Danaos).

The facility will assist with the financing of eight newbuild container vessels built by the Daehan, Dalian and Qingdao shipyards. These container vessels meet the latest IMO requirements for emissions and energy efficient design, making them Danaos’ most sustainable vessels to date.

The team advising on the deal was led by Norton Rose Fulbright Co-Head of Asset Finance and Head of Greece Yianni Cheilas, with the support of senior associate Alexi Remoundos and associate Maria-Christina Papoulia.

Yianni Cheilas commented:

“We were delighted to be able to assist our clients – Citibank, BNP Paribas, KfW and Alpha Bank – with this sizeable $450m facility to help finance eight new container vessels under construction in South Korea and China. This significant deal demonstrates the continued appetite of traditional bank lenders for commercial debt across all sectors in the shipping space.”

Norton Rose Fulbright has operated in Greece for over 30 years and has one of the leading legal practices in banking and finance, including shipping finance, project finance, and structured finance, as well as corporate, M&A and securities, financial regulation, energy, and litigation and disputes.

The firm’s clients include Greek and multinational corporations, particularly in the financial institutions, insurance, shipping, renewable energy and real estate sectors, as well as governmental organizations and the Hellenic Republic. Its lawyers have worked on some of Greece’s most prominent transactions and have a strong record advising Greek companies raising funds externally, and multinational corporations investing into Greece.