Banking News

In other debt news, a Sevan Marine affiliate has taken out a $300 million senior debt project finance facility for the Sevan Voayageur. GE Energy Financial Services and GE Transportation Finance acted as mandated lead arrangers. Allen & Overy, in turn, advised GE on the transaction. The limited recourse financing will include both pre and post construction financing that will convert into a $300 million amortizing term loan following the delivery of the Sevan Voyageur to Oilexco in the North Sea, where it will begin five years of contracted employment. The Sevan Voyageur is an innovative cylindrical floating oil production, storage and offloading unit. This is not the first time Sevan, GE and Allen & Overy have worked together. The trio successfully completed a $400 million debt facility for the Sevan Driller in 2007.

Written by: carisk | Categories: Freshly Minted, The Week in Review | May 15th, 2008 | Add a Comment

Re-Inventing Oneself

Last week, Cao Deambrosio, Head of Business Development, of GE Transportation Finance (“GETF”) sat down with us to discuss its purchase of a minority interest in Aegean Baltic Bank (“AB Bank”), which closed on March 3rd. AB Bank is a specialty banking institution serving the Greek based and global shipping industry. Based in Athens Greece, AB Bank is a leading arranger and provider of financing with $2.2 billion of loans under management. And as we know, loan management is highly remunerative in terms of fees and other income.