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).