Linklaters has advised HSH Nordbank AG on an innovative asset-based lending structure. The reference portfolio consists of ship loan receivables of HSH Nordbank.

With this securitisation transaction, HSH Nordbank optimises its own refinancing by selling and transferring loan receivables under the ship financing to a newly established special purpose vehicle. The special purpose vehicle refinances itself by taking out two Schuldschein loans. The senior 700 million U.S. dollar loan provides for HSH Nordbank’s financing. HSH Nordbank itself grants a subordinated loan.

A Linklaters team led by Dr Burkhard Rinne and Dr Laurenz Uhl (both Capital Markets, Frankfurt) advised on the transaction. The team also included Dr Kurt Dittrich (Capital Markets, Frankfurt), Florian Lechner (Tax, Frankfurt), Michal Hlásek (Banking, Frankfurt), Dr Ulrich Johann (Tax, Frankfurt), Helen Hubert (Banking, Frankfurt), Jördis Harbeck and Dr Navid Moztarzadeh (both Capital Markets, Frankfurt).