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WFW advises Danaos on US$1.25bn refinancing | Hellenic Shipping News Worldwide


WFW advises Danaos on US$1.25bn refinancing
Watson Farley & Williams (“WFW”) has advised long-standing client Danaos Corporation (“Danaos”) on the refinancing of US$1.25bn of its outstanding senior secured debt (which totalled US$1.3bn as of 31 December 2020).
Danaos has refinanced all its outstanding debt under nine senior secured credit facilities, streamlining its capital structure from nine credit facilities to one. WFW advised on a US$815m senior secured credit facility with Citibank N.A. and National Westminster Bank plc, a US$135m sale and leaseback agreement with Oriental Fleet International Company Limited, an affiliate of COSCO Shipping Lease Co., Ltd., in respect of five vessels, and Danaos’ February 2021 offering, proceeds of which amount to US$300m of 8.500% Senior Secured Notes due in 2028. ....

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WFW advises UOG on UACC acquisition and financing | Hellenic Shipping News Worldwide


WFW advises UOG on UACC acquisition and financing
Watson Farley & Williams (“WFW”) has advised United Overseas Group Ltd (“UOG”) on the acquisition of United Arab Chemical Carriers Limited (“UACC”).
The acquisition was structured by way of a reverse triangular merger with the financing for the acquisition provided by alternative investment firm, EnTrust Global. The transaction will be the first such merger to be effected under the Companies Law of the Dubai International Financial Centre (the “DIFC”). WFW provided advice on English, DIFC, Liberian and Marshall Islands laws through its offices in Athens, Dubai, New York and London.
Athens-headquartered UOG is a ship-owning and investment company controlled by shipping investors and operators Peter Georgiopoulos and Leo Vrondissis, who have worked together on several projects over the past two years before founding UOG. They both have extensive experience in the shipping industry, with a track record of U ....

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