Global law firm Norton Rose Fulbright has advised Citibank N.A and BNP Paribas as global co-ordinators, initial mandated lead arrangers and bookrunners on a $2.8bn sustainability- and gender diversity-linked facility to GasLog Ltd.
The revolving facility is secured on GasLog's fleet of LNG carriers and incorporates KPIs linked to both carbon emissions and female representation in the company’s cadetship programme.
Greek law aspects
DNB Bank ASA acted as Agent for the deal, ABN Amro Bank N.V. took on the role of Sustainability Co-ordinator
The Norton Rose Fulbright team was led by Co-Head of EMEA Asset Finance and Head of Greece, Yianni Cheilas, with support from Counsel Niki Alexandrou, and Associates Katerina Karagouni, Jenny Arkadi, Mariana Bafe and Maria-Christina Papoulia. Partner Vassilis Koroxenidis, Senior Associate Sergios Karotsieris and Associate Konstandina Mantzari advised on Greek law aspects.
DNB Bank ASA acted as Agent for the deal, while ABN Amro Bank N.V. took on the role of Sustainability Co-ordinator.
LNG market outlook
Yianni Cheilas said: “We are delighted to have been able to support our clients with this $2.8bn facility, which appears to be the largest ever commercial debt financing recorded in the global shipping space. The deal highlights the growing importance of ESG-linked transactions within the industry and features a novel gender diversity initiative."
“It is a transformative transaction for GasLog and reinforces the trend of a significant return of large-scale commercial bank debt in shipping, which we have been witnessing in the past couple of years, especially for prime global operators. It is also indicative of the favourable LNG market outlook, despite turbulent times and geopolitical crises, with new regions expected to add to the demand for LNG vessels as the global LNG supply continues to grow.”
Re-financing of ten LNG carriers
Gender diversity-linked loans are still a fairly new development in the shipping sector
Earlier this year, Norton Rose Fulbright advised the creditors of GasLog and GasLog Partners group–led by DNB Markets Inc. GasLog Partners' take-private transaction by GasLog.
Gender diversity-linked loans are still a fairly new development in the shipping sector. Earlier this year, Norton Rose Fulbright advised ABN AMRO, as documentation agent and sustainability coordinator for a syndicate of lenders, on one of the industry’s first gender diversity-linked loans to Navigator Gas L.L.C. for the re-financing of ten LNG carriers.
Banking and finance legal practices
Norton Rose Fulbright has one of the pioneering banking and finance legal practices in Greece, advising on shipping finance, project finance, and structured finance, as well as corporate, M&A and securities, financial regulation, energy, and litigation and disputes.
Its clients include Greek and multinational corporations, particularly in the financial institutions, insurance, shipping, renewable energy and real estate sectors, as well as governmental organisations and the Hellenic Republic.