Global law firm White & Case LLP advised on six transactions honored with 2024 "Deal of the Year" awards by Marine Money.
Partner Elizabeth Kirk commented: "I'm delighted to see so many White & Case transactions recognized as Deals of the Year by Marine Money this year. It's a testament to our team's deep capabilities across maritime sectors and geographies, in particular, offshore energy, infrastructure and our experience in Latin America."
The winning transactions are:
Bank Debt Deal of the Year: International Seaways US$500 million senior secured sustainability-linked credit facility
White & Case advised Nordea on a comprehensive amendment to global tanker company International Seaways' (NYSE: INSW) senior secured credit facilities, which allowed INSW to refinance its existing revolving and term loan facilities with a US$500 million sustainability-linked revolving credit facility that was used for general corporate and working capital purposes.
Restructuring Deal of the Year: Deutsche Bank's US$370 million exit facility to Hornblower
White & Case advised Deutsche Bank Private Credit & Infrastructure, as sole lead arranger and lender, on a US$370 million exit facility provided to certain subsidiaries of Hornblower, a ferry and cruise ship owner and operator, in connection with their emergence from Chapter 11 proceedings.
Maritime Infrastructure Deal of the Year: ONEX Shipyards US$125 million loan
White & Case advised the U.S. International Development Finance Corporation on a US$125 million loan to ONEX Elefsis Shipyards and Industries to rehabilitate and modernize the Elefsina shipyard near Athens, Greece.
The transaction will establish a strategically critical maritime and energy supply hub for the region by expanding the shipyard's capacity to service up to 200 ships per year, including liquified natural gas (LNG) ships, promoting energy security and diversification. In addition, unused parts of the shipbuilding infrastructure will be repurposed for other manufacturing and a 30MW solar plant will help power the shipyard and the local grid.
Offshore Public Debt Deal of the Year: Constellation Oil Services US$650 million offering of senior notes
White & Case advised the initial purchasers in connection with Constellation Oil Services Holding S.A.'s offering of US$650,000,000 of 9.375% senior notes due 2029. The offering was made by NewCo Holding USD 20 S.à.r.l., as an escrow issuer, in connection with a merger transaction by Constellation. Following the offering and the merger, Constellation's existing debt was either repaid in full or converted into equity. Thus, the new notes are Constellation's only outstanding debt following the merger.
Offshore Bank Debt Deal of the Year: Beal Bank's US$550 million financing to Eldorado Drilling
White & Case advised CLMG Corp., as administrative agent and collateral agent, and Beal Bank and its affiliates, as lenders, on an up to US$550 million senior secured credit facility provided to subsidiaries of Eldorado Drilling AS to finance the acquisition of two newbuild seventh-generation ultra-deepwater drillships.
East Project Finance Deal of the Year: Yinson Azalea Production Pte Ltd
White & Case advised the Tranche C Lenders on a US$1.3 billion financing of the Agogo FPSO, which will be located off the coast of Angola. The financing consisted of three pari passu tranches provided by commercial banks, institutional investors and credit funds, with staggered maturities of up to 10 years post-delivery of the FPSO Agogo. The facility benefits from a comprehensive security structure that is the first of its kind in the FPSO sector.
