Editor’s Choice: Jefferies and Citigroup for Ship Finance

The Editor’s Choice Award goes to that exceptional transaction that does not easily fit into any other category – or relies on many capital components to function properly. Over the years it has included the NIB Latitude Synthetic shipping loan securitization and the mezzanine facility that enabled the First Ship Lease structure. This year’s Editor’s Choice award goes to Jefferies and Citigroup for the work they did for Ship Finance International.

When we first sat down with our staff and advisors to judge this deal, we weren’t exactly sure where to put it. The $1.1 billion bank loan was impressive, but so was the $580 million bond deal. The valuation and spin off of the equity would have made it a logical choice in the equity category, but the deal was equally compelling as an entry in the realm of restructurings since the separation of vessel ownership and vessel management was nothing short of revolutionary in the shipping business. The deal was a contender in almost every category in which we give awards.

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