Milbank Advises on Marine Money “Innovation Deal of the Year”

Leading international law firm Milbank LLP advised on the Seaspan Vessel Portfolio Financing Program, named “Innovation Deal of the Year for 2019” by Marine Money.

In the award-winning deal, Milbank advised Citibank and other financing banks with respect to a portfolio financing program of up to US$2 billion made available to a subsidiary of Seaspan Corporation to refinance a significant proportion of its fleet and finance subsequent acquisitions. The financing program provides for a common collateral pool to secure bank financing as well as private placement notes. The transaction streamlined Seaspan’s secured credit facilities into one program and provided innovative flexibility to add and remove vessels.

The team was led by partners James Cameron, co-head of the Transportation and Space Group in London and Dan Bartfeld, practice group leader of the firm’s Global Project, Energy and Infrastructure Finance Group, along with special counsel Richard Walton, and associates Tom Jackson, Olivia Cornelius, Josh Forman, Matt Slider, Christopher Balch and Cem Uyar.

James Cameron said: “Milbank is frequently brought in to advise on complex transactions such as this. The innovative structure created by this financing program applies cutting-edge financing techniques to the shipping sector. We are delighted that the best work of our clients has been recognized by Marine Money.”

Dan Bartfeld added: “We are very honored to work with Citibank and the other lenders on this landmark financing which crossed over between the asset and project finance sectors.”