Cross-border, cross-practice Norton Rose Fulbright team advises Danaos Corporation on US$500 million high-yield bond offering

Global law firm Norton Rose Fulbright has advised Danaos Corporation, one of the world’s largest independent owners of modern, large-size containerships, in connection with a successful US$500 million Rule 144A/Reg. S offering of 6.875% Senior Notes due 2032. Danaos intends to use the net proceeds to redeem in full the US$262.8 million outstanding principal amount of its 8.500% Senior Notes due 2028, repay in full the outstanding principal amount under two of its secured credit facilities, to pay costs, fees and expenses related to the refinancing, and for general corporate purposes.

The cross-border, cross-practice Norton Rose Fulbright team was co-led by London-based high yield and leveraged finance partner Bernd Bohr and Yianni Cheilas, Co-Head of Asset Finance, Europe, Middle East and Asia and Head of Greece, and included London-based capital markets associates Dionysis Diamantatos, Micah McDonald and Riccardo Perris, London-based senior banking associate Miriam Kaufmann as well as Athens-based shipping finance counsel Niki Alexandrou, senior associate Alexi Remoundos and associates Katerina Karagouni and Jenny Arkadi.

High yield and leveraged finance partner Bernd Bohr commented:

“It has not only been a privilege to be able to assist the highly motivated and committed Danaos team on this important transaction that will give the company significant additional flexibility to further its growth strategy. It has also been fantastic to have had yet another opportunity to leverage the expertise and resources of our world-leading shipping practice to deliver an outcome and level of service for our client that is second to none.”

Yianni Cheilas, Head of Greece and Co-Head, Asset Finance Europe, Middle East and Asia, added:

“This is another milestone transaction for Danaos but also Norton Rose Fulbright, in the US high yield note territory for major shipping players. It is yet another example of how our global shipping practice, leveraging the global footprint and full-service nature of our firm and working seamlessly across offices and practice groups, can consistently deliver successful outcomes for our clients across the full capital structure.”