Skip to content
Mar 2019

Bernitsas Law advises on $133m refinancing of dry bulk carriers

Bernitsas Law acted as lead counsel to a major Greek Shipping Group on the $133m refinancing of dry bulk carriers registered under the Cyprus flag. A leading international credit institution acted as senior lender and bondholder.

The transaction involved many jurisdictions, both in terms of the place of incorporation of the various corporate obligors (Cyprus, Liberia and Marshall Islands) and in terms of the location of the security assets (including Cyprus, France and Greece). Part of the financing ($96m) was granted by a senior facility agreement and part ($37m) through the issue of a junior bond, with a c.$10m intra-group loan also being granted, also including complex intercreditor arrangements.

Panayotis Bernitsas led the Bernitsas Law team. Keystone Law acted as English law counsel to the client.