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Stephenson Harwood advises ABN AMRO Bank on a $50 million secured revolving credit facility to Star Bulk Group
Stephenson Harwood LLP has advised ABN AMRO Bank N.V. ('ABN') on a $50 million secured revolving credit facility ('RCF') made available to a subsidiary of Star Bulk Carriers Corp. (the 'Group'), acting as borrower.
The facility was structured for general corporate purposes and was secured by customary ship finance security documents, including, among others, first preferred mortgages over four vessels.
Stephenson Harwood advised on the English, Marshall Islands and Liberian law aspects of the transaction, including the drafting, negotiation, and finalisation of the RCF and related security documentation.
The transaction involved substantial structuring and legal work to capture the operational flexibility of a revolving facility, particularly in regard to utilisations, repayments / prepayments, redrawings, and compliance with relevant security coverage ratios. Further complexity arose from the Group’s use of limited liability partnerships, rather than standard corporations, as guarantors under Liberian and Marshall Islands law.
Maritime, Trade and Offshore Partner and Head of Greece Maritime Finance Chris Vartzis led the team advising on the deal, supported by Partners Vanessa Tzoannou and Andreas Papachristodoulou, and Associate Constantina Koutsoumpa-Santos.