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HFW advises banks on circa €615 million Stena financing

15 February 2023

Global, sector-focused law firm HFW has advised the mandated lead arrangers and coordinating bookrunners on a secured €515 million (with an uncommitted accordion option of up to €100 million) revolving credit and US$100 million standby facility for Swedish shipowner Stena AB.

HFW acted for Skandinaviska Enskilda Banken AB (publ) as documentation agent and coordinating bookrunners together with Handelsbanken Capital Markets, Svenska Handelsbanken AB (publ), Nordea Bank AbP, Filial i Norge and Swedbank AB (publ) on the transaction, representing a refinancing of Stena’s existing $725 million revolving credit facility and to provide working capital for general corporate purposes.

The new facility has a 5 year maturity and is provided by a syndicate of 12 lenders. The facilities were secured by ship mortgages over 19 vessels flagged across a number of jurisdictions including Cyprus, Sweden, Isle of Man, UK and Denmark and first legal charges over ports located in Scotland, Wales and the Netherlands.

HFW’s team comprised John Forrester (Partner, Singapore); Katherine Noble (Legal Director, London); Jaye Bhogal (Senior Associate, London); Liam Emmett (Trainee Solicitor, London) with assistance from Jean-Marc Zampa (Partner, Paris) and Axel Luquet (Associate, Paris) for the French aspects.

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