Articles

Restructuring Deals of the Year: hsh portfoliomanagement AöR, Deloitte & Akinn Group, Consortium of Bank of America and Davidson Kempner, Concordia Maritime

The M&A Deal of the Year: Taylor Maritime, Grindrod Shipping, Jefferies, Evercore, Rand Merchant Bank

The Wild Card Deal of the Year: Maersk Tankers, Citi Bank

Earlier this month, Excelerate Energy, Inc. announced that it had entered into an Amended and Restated $600 Million Senior Secured Credit Facility (the “Credit Agreement”) which extended the existing $350 million Revolving Credit Facility and added a new $250 million Term Loan Facility. Both facilities will mature in March 2027.

Earlier this month, we reviewed Partankers XXII AS, a Pareto Securities’ organized project involving the acquisition of two 2007/2008-built Panamax/LR1 tankers which was concluded at the end of last year.

The Export Credit Agency Deal of the Year: Seaspan Corporation, Sinosure, Yangzijiang Shipbuilding Group, BNP Paribas, Société Générale, HSBC, Standard Chartered Bank, Bank of China, Citi, Bank of Communications, Development Bank of Japan, Sumitomo Mitsui Banking Corporation, China Export & Credit Insurance Corporation, FPG-Aim, FPG

The Leasing Deal of the Year - West: Seapeak LLC, Sumitomo Mitsui Banking Corporation, Fuyo General Lease, Mizuho Leasing, iStrings Aviation Capital (Marubeni)

Last week, GasLog Ltd. (“GasLog”) and GasLog Partners LP (“GasLog Partners”), announced that they have entered into a definitive merger agreement under which GasLog will acquire all the outstanding common units of the Partnership it does not own (69.8% of the outstanding Units).

With the signing of the $290 million loan agreement for the refinancing of Flex Freedom and Flex Vigilant, Flex LNG Ltd.’s ~$2 billion Balance Sheet Optimization Program was concluded on time and according to plan despite the recent turmoil in the financial markets.

Last week, Navigator Holdings (“Navigator”) pushed us closer to gender equality. The company announced that it had recently concluded a $200 million senior term loan facility for the financing of ten vessels.

The Private Placement Deal of the Year: Global Ship Lease, Goldman Sachs, Crédit Agricole CIB, Hayfin Services

Offshore Deal of the Year – East: Shuaa Capital, Allianz Middle East Ship Management, National Bank of Fujairah & Arab Petroleum Investments Corporation, Alantra, Shuaa Investment Banking

On Tuesday, Scorpio Tankers announced that it had given notice to the vessels’ owners of its intention to exercise the purchase on one 2019-built LR2 product tanker (STI Lobelia) and five 2019-built MR product tankers (STI Magic, STI Mystery, STI Marvel, STI Mythic, and STI Magister).

The tanker market has never been stronger, and its participants are generating record revenues, cash flows and profits. If ever one were to call a market top, this may be the moment, making it an opportune time for a private equity exit. Not only would the seller profit, but the sale of a substantial stake would also improve the company’s share liquidity.

Last week, Heidmar Inc. announced it entered into a definitive agreement for a business combination with Home Plate Acquisition Corporation, a publicly listed, special purpose acquisition company (SPAC). The transaction values the combined company at a pro forma implied equity value of approximately $261.4 million.

The Private Equity Deal of the Year: Crowley Maritime, Global Infrastructure Partners, DNB Markets

The Sustainability-Linked Deal of the Year - East: Standard Chartered, MUFG Bank, DBS Bank, Sumitomo Mitsui Banking Corporation, Korea Development Bank, Malaysia EXIM

Crossing the Atlantic last week, Himalaya Shipping Ltd. (“Himalaya Shipping”), announced the pricing of its previously announced initial public offering in New York of 7,720,000 of its common shares at a price to the public of $5.80 per common share raising gross proceeds of $44,776,000. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 1,158,000 common shares at the offering price, less underwriting discounts and commissions.

Why own when you can lease? Taking a page from the airline industry, Dorian LPG Ltd., over the last two months, has added substantial cargo capacity through the long-term time charter-in of two newbuilding VLGCs and the acquisition of a third, which is financed through a Japanese lease.

Scorpio Tankers Inc. last week announced that it has exercised the purchase options on six ships including two 2016-built LR2 product tankers (STI Grace and STI Jermyn), one 2019-built LR2 product tanker (STI Lavender), two 2019-built MR product tankers (STI Magnetic and STI Marshall), and one 2020-built MR product tanker (STI Miracle).