Allen & Overy advises Citigroup on $700m Ocean Funding 2013 refinancing transaction
Allen & Overy has advised Citigroup in its capacity as co-arranger with HSH Nordbank in relation to a secured refinancing transaction of HSH Nordbank.
Ocean Funding 2013 generates funding of up to $700m (£420m) for HSH Nordbank. The transaction is collateralised with a portfolio of approximately 30 shipping loans originated by HSH Nordbank.
Ocean Funding 2013 is the first transaction of its kind in the German market and could pave the way for similar asset-based financings relating to shipping loans and other asset classes.
Allen & Overy provided legal advice to Citigroup regarding the structuring and implementation of the refinancing transaction, starting from the legal structuring of the transaction, the asset due diligence and contract negotiations through to the execution of the loan agreement and the other transaction documents.
The international Allen & Overy team was led by partner Dr Berthold Kusserow and counsel Dr Stefan Henkelmann (both international capital markets, Frankfurt).
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
Money purchase deconstructed: working with the new definition — a checklist for trustees and administrators
The definition of money purchase benefits is changing, as are the rules on how schemes are required to deal with any benefit that becomes classified as a ‘non-money purchase’.
Despite the progress that has been made towards launching the European unitary patent system and the Unified Patent Court, Spain continues to actively oppose the changes.
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.