27 January 2016
International law firm Watson Farley & Williams LLP (“WFW”) advised Teekay Tankers Ltd on a new US$894,375,000 long-term debt facility to mature in January 2021. The facility was led by Nordea and ABN AMRO, and completed on 13 January 2016.
Teekay Tankers operates one of the world’s largest conventional tanker fleets including aframax, long range (LR), medium range (MR), suezmax and very large crude carrier (VLCC) vessels. The new facility has already been used to refinance 36 of its existing vessels, including 17 recently-acquired vessels secured by two bridge loan facilities and its main corporate revolving credit facility which was maturing in 2017. The new facility includes both a term loan and a revolving credit facility component, which will stretch out Teekay’s debt maturity profile as well as provide financial flexibility.
Partner Nigel Thomas led the WFW London maritime team advising Teekay Tankers on the facility, assisted by senior associate Patrick Smith and associates Emeline Yew and Joanna Holden. In the US, New York partner Daniel Rodgers advised on all Marshall Islands law aspects of the transaction, assisted by associate Han Deng.
Nigel commented: “Having advised Teekay Tankers since its establishment in 2007 and on the original financing that year, it was a pleasure to be able to assist them also on their recent expansion and the replacement of that 2007 revolver by another very big facility”.