Global legal practice Norton Rose Fulbright has advised containership charter owner Global Ship Lease as issuer, and its subsidiaries as guarantors, of US$420 million 10 per cent secured US notes and a US$40 million revolving credit facility. The notes have been issued and the credit facility arranged in connection with the refinancing of 17 vessels.

Norton Rose Fulbright advised on the English law, Marshall Islands law and Dutch law security documents and shipping issues, and assumed co-ordination responsibilities for significant parts of the transaction.

The Norton Rose Fulbright team was led by London based partner Giles Brand, supported by associate Juliet Huang. Head of tax for Europe, Middle East and Asia, Louise Higginbottom, tax partner Angela Savin and banking and finance partner Dan Kennedy, assisted by senior associate Gemma Long, also advised. Partner Peter Young provided advice on the capital markets aspects of the transaction, New York based ship finance partners Brian Devine and Brad Berman advised on Marshall Islands law, and Dutch law advice was provided by Amsterdam based associate Gino Bell.

The transaction is one of a number Norton Rose Fulbright’s global shipping practice is advising on, including advising French shipping services company Bourbon on a 51 vessel sale and bareboat commitment to Chinese company ICBC Financial Leasing.

Norton Rose Fulbright was recently ranked in Tier 1 for ship finance by Chambers Global 2014 and is described as a “global front runner for ship finance with offices in major shipping focal points worldwide”.

The transaction completed on March 19, 2014. Simpson Thatcher & Bartlett LLP also acted for Global Ship Lease, together with Montanios & Montanios who provided Cypriot law advice and Patton Moreno & Asvat who acted as Panamanian counsel. Sherman & Sterling LLP acted as US and English counsel to the initial note purchasers and revolving credit facility lenders, and Seward & Kissel LLP acted as counsel to the Security Agent and Note Trustee.