Watson Farley & Williams (“WFW”) advised ABN AMRO BANK N.V. (“ABN AMRO”) and ING BANK N.V. (“ING”) on a US$245m term loan facility granted to Tsakos Energy Navigation Limited (“TEN”) for the financing of a fleet of tanker vessels.
WFW acted as lead counsel on the transaction and assisted ABN and ING throughout the life cycle of the transaction, from the negotiation and execution of the facility to the delivery of each vessel.
Amsterdam headquartered ABN AMRO is the Netherlands’ third largest bank and leading international provider of retail, private, and corporate banking products and services. Also based in Amsterdam, ING is one of the largest banks worldwide with US$975.6bn total assets.
TEN (NYSE “TEN”) is a world-leading tanker operator, listed on the New York Stock Exchange since 2002. It specialises in transportation services for crude oil, petroleum products and liquefied natural gas (LNG) to national and international oil companies and refineries.
The WFW Athens Assets & Structured Finance team that advised ABN and ING was led by Partner and Athens Office Head Alexia Hatzimichalis, supported by Senior Associate Pavlos Maris and Associate Vassia Angeletaki.
Alexia commented: “This was a noteworthy transaction whose size highlights the ongoing commitment of major continental European banks to supporting the maritime industry. We wish to thank all parties involved for the seamless cooperation which enabled the deal to close so smoothly”.
