Norton Rose Fulbright advises Citigroup and a syndicate of lenders on $850 million facility for Danaos Corporation

Global law firm Norton Rose Fulbright has advised a syndicate of banks led by Citigroup on an $850 million syndicated facility for NYSE-listed Danaos Corporation (Danaos). The lenders included Citi, BNP Paribas, Alpha Bank, CACIB, Eurobank, KfW, Bank of America, SEB, UBS and E.Sun.

The facility will assist with the financing of fourteen 9,200 and 8,258 teu newbuild container vessels under construction by the Yangzijiang, Dalian and Huangpu Wenchong shipyards. The 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 with this sizeable $850 million facility to help finance fourteen new container vessels under construction in China. The transaction, which was comfortably oversubscribed, demonstrates the continued appetite for commercial debt in the containership space for prime operators, especially for newbuilds on the back of long-term employment coverage, including the larger sizes of the sector.”

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.