WFW advises Macquarie Bank on Fleetscape’s first shipping loan / lease securitization
Watson Farley & Williams (“WFW”) advised Macquarie Bank Limited (“Macquarie”) in connection with the securitization of certain underlying loans for Fleetscape Capital Limited (“Fleetscape”) in connection with the financing of leased vessels. various tenants. Oxane acted as a facilities officer and security trustee.
It was an innovative and unique securitization in the maritime transport sector. The principles of securitization and certain structuring efficiencies have been used to enable Fleetscape to offer sale-leaseback or unitranche financing on very competitive terms. The structure is versatile and has been prepared on the basis that new maritime loans and leases will be regularly added to the structure.
Macquarie’s marine finance team, made up of specialist asset finance professionals and experts in the shipping industry, has focused on providing innovative and tailor-made solutions to vessel owners in the segments tankers, bulk carriers and containers. Since the launch of the platform, Macquarie has financed more than 150 vessels worldwide with market values exceeding US $ 2 billion. Fleetscape is a subsidiary of Oaktree Capital Management (Oaktree), one of the world’s leading alternative investment management firms with expertise in credit strategies.
WFW Assets & Structured’s cross-border team advising Macquarie was led by London partner Jim Bell on securitization, supported by partner Dominic Pearson, consultant Jane Keith, senior partner Zara Hammersley and partner Alex Clark. London partner Lindsey Keeble led the team advising on the underlying vessel finance and leasing transactions, with support from senior partner Elsa Savvatianou and partners Natalie Grundy, Tamara Ristic and Ella Vries. Advice on German law was provided by Hamburg partner Clemens Hillmer, supported by partner Raphael-Felix Müller and intern Helena Hopmann. Marshall Islands legal advice was provided by New York partner John Benson, supported by senior partner CJ Chido and partner Liam Ray.
Jim commented, “We are delighted that Macquarie has turned to WFW for advice on this innovative, complex and far-reaching funding structure. We have a large and experienced team that is able to provide expert support to our clients on complex issues ”.
Source: Watson Farley & Williams (“WFW”)