Global law firm Norton Rose Fulbright has advised Amsterdam Trade Bank N.V. on its first securitisation of shipping loans, via ATB Shipping Finance I B.V. (a Dutch private company with limited liability). The transaction was arranged by Citibank and securitises a diversified portfolio of shipping loans, with borrowers located in a number of jurisdictions and security over vessels of a range of types and flag jurisdictions. The portfolio has an outstanding amount of approximately US$250 million. Citibank is providing the senior funding and Amsterdam Trade Bank is retaining a junior exposure to the portfolio. Both the underlying shipping loans and the funding are in US dollars. The transaction contains the ability for Amsterdam Trade Bank to switch the funding source for particular shipping loans within the issuer from securitisation to other sources (or vice versa).
The transaction involved both Norton Rose Fulbright’s securitisation and shipping finance teams from London and Amsterdam. Partner David Shearer lead the securitisation team and was assisted by associate Merel Klinkers. Partner Simon Lew led the shipping finance team and was assisted by senior associate Rehana Alani. Partner Gijs van Leeuwen advised on the Dutch law aspects of the transaction and was assisted by senior associate Joep Duinker and associate Tamara Ubink.
The transaction signed on November 13 2018.
David Shearer commented:
“We are delighted to have assisted our client Amsterdam Trade Bank on this landmark and innovative transaction, providing them with US dollar funding at rates and maturities not otherwise readily available in the market. It also provides considerable flexibility to Amsterdam Trade Bank in the ongoing funding of its shipping loan book.”