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Stephenson Harwood LLP advises ING on a $72 million loan facility for Algoma Central Corporation Group
Law firm Stephenson Harwood LLP has advised the New York office of ING on a $71,970,000 loan facility for subsidiaries of Algoma Central Corporation, one of Canada's largest marine shipping companies, listed on the Toronto Stock Exchange.
The transaction, supported by K-SURE, the Korean Export Credit Agency, involved the financing of two new build tankers built by the Hyundai Mipo Shipyard in South Korea. The vessels will be time chartered to Irving Oil, a leading Canadian energy company, under long-term charters, and will serve the Irving Oil refinery in Saint John, Canada.
The team provided comprehensive guidance to ING throughout the transaction, advising on the financing and charter structure, the legal documentation, and regulatory and tax matters. "We have been delighted to support the New York team of ING with this ECA backed-transaction and our involvement is testament to the team's experience advising on high profile cross-border transactions," said Ian Mace, global head of maritime trade and offshore finance at Stephenson Harwood.
Michael Choina, Head of Transportation & Logistics Americas at ING Americas, said: “We are happy to have had the experience and support of the Stephenson Harwood team in providing Algoma Central Corporation with the first K-SURE covered financing in the company’s history."
The Stephenson Harwood team was led by Ian Mace, Partner and Global Head of Maritime Trade and Offshore Finance, supported by Managing Associates Spiros Zavitsas and Yui Ota-Barclay, Associate Kelly Anastasiadou and Senior Paralegal Rafaela Chrysostomou. Partner John Meehan and Managing Associate Byul McPhee provided tax advice and Associate Lisa Atkinson provided specialist derivatives advice. Partner Vanessa Tzoannos advised on the Liberian law aspects of the transaction.