Norton Rose Fulbright advises DNB Bank and ABN AMRO on $200m acquisition facilities to Star Bulk Carriers Corp

Global law firm Norton Rose Fulbright has advised DNB Bank ASA and ABN AMRO Bank N.V. on the provision of circa $200m loan facilities to Star Bulk Carriers Corp. (Star Bulk Carriers), in order to assist it with its acquisition of Eagle Bulk Shipping Inc (Eagle Bulk Shipping) earlier this month.

The merger of Nasdaq-listed Star Bulk Carriers with Eagle Bulk Shipping, by way of a share exchange, completed on 9 April 2024 and has led to Star Bulk Carriers becoming the largest dry bulk shipping company in the world. The new loan facilities have been used to refinance Eagle Bulk Shipping’s debt.

Norton Rose Fulbright supported with the creation of the new facilities, secured on 25 vessels and related collateral.

The team was led by Norton Rose Fulbright Co-Head of Asset Finance and Head of Greece Yianni Cheilas and Athens partner Evi Platsidaki, with assistance from senior associates Marietta Gkatzi and Panagiotis Fokas, and associate Dimitra Petropoulou.

Yianni Cheilas said:

“We were delighted to support our clients on this landmark transaction. This deal demonstrates the continued buoyancy of the shipping industry across all sectors in the first half of 2024, which we anticipate will continue into the second part of the year.”

Last year, Norton Rose Fulbright also represented DNB Bank and related bank syndicates on a similar transaction, advising on two syndicated green financing and partially ECA-backed facilities totalling €1.075bn for Oslo listed offshore wind turbine installation company Cadeler A/S. The acquisition finance facilities of €550m were put in place to assist Cadeler with implementing its merger agreement with NYSE-listed Eneti Inc, which created the leading operator in the offshore wind turbine installation space. This deal was awarded Marine Money Deal of the Year 2023 Offshore West – M&A.

Norton Rose Fulbright has been established in Greece since 1990 and has one of the leading legal practices in banking and finance, including shipping finance, project finance, and structured finance, as well as corporate, M&A and securities, financial regulation, energy, and litigation and disputes.

The firm’s clients include Greek and multinational corporations, particularly in the financial institutions, insurance, shipping, renewable energy and real estate sectors, as well as governmental organizations and the Hellenic Republic. Its lawyers have worked on some of Greece’s most prominent transactions and have a strong record advising Greek companies raising funds externally, and multinational corporations investing into Greece.